UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09135
---------------------
Nuveen New York Dividend Advantage Municipal Fund
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
-------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: March 31, 2010
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
It's not what you earn, it's what you keep.(R)
Semi-Annual Report
March 31, 2010
--------------- --------------- -------------------- ------------------
Nuveen New York Nuveen New York Nuveen New York Nuveen New York
Municipal Value Municipal Value Performance Plus Dividend Advantage
Fund, Inc. Fund 2 Municipal Fund, Inc. Municipal Fund
NNY NYV NNP NAN
-------------------
Nuveen New York
Dividend Advantage
Municipal Fund 2
NXK
March 10
LIFE IS COMPLEX.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive
an e-mail as soon as your Nuveen Fund information is ready. No more waiting for
delivery by regular mail. Just click on the link within the e-mail to see the
report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
WWW.INVESTORDELIVERY.COM
If you receive your Nuveen Fund dividends and statements from your financial
advisor or brokerage account.
OR
WWW.NUVEEN.COM/ACCOUNTACCESS
If you receive your Nuveen Fund dividends and statements directly from Nuveen.
LOGO: NUVEEN INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The economic environment in which your Fund operates reflects continuing but
uneven economic recovery. The U.S. and other major industrial countries are
experiencing steady but comparatively low levels of economic growth, while
emerging market countries are seeing a resumption of relatively strong economic
expansion. The largest source of economic uncertainty is the potential impact of
steps being considered by many governments to counteract the extraordinary
governmental spending and credit expansion carried out to deal with the
financial and economic crisis of 2008. Consequently, the implications for
future tax rates, government spending, interest rates and the pace of economic
recovery in the U.S. and other leading economies are extremely difficult to
predict at the present time. The long term health of the global economy depends
on restoring some measure of fiscal discipline around the world, but since all
of the corrective steps require economic pain, it is not surprising that
governments are reluctant to undertake them.
In the near term, governments remain committed to furthering economic recovery
and realizing a meaningful reduction in their national unemployment rates. Such
an environment should produce continued economic growth and, consequently,
attractive investment opportunities. Over the longer term, the larger
uncertainty mentioned earlier carries the risk of unexpected potholes in the
road to sustained recovery. For this reason, Nuveen's investment management
teams are working hard to balance return and risk by building well-diversified
portfolios, among other strategies. I encourage you to read the following
commentary on the management of your Fund. As always, I also encourage you to
contact your financial consultant if you have any questions about your Nuveen
Fund investment.
Over the last six months, the Nuveen leveraged municipal closed-end funds
continued to make progress in refinancing their auction rate preferred shares
(ARPS). By the fall of 2009, all of the Nuveen taxable closed-end Funds had
completed redemption of their ARPS at par value. As of April 30, 2010,
approximately 39% of the municipal ARPS issued by the Nuveen Funds also had been
redeemed. Please consult the Nuveen web site for the most recent information on
this issue and all recent developments on your Nuveen Funds at: www.nuveen.com.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/Robert P. Bremner
-----------------------
Robert P. Bremner
Chairman of the Board
May 21, 2010
Nuveen Investments 1
Portfolio Manager's Comments
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio manager Cathryn Steeves discusses key investment strategies and the
six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen
in 1996, has managed NNY, NNP, NAN and NXK since 2006. In April 2009, she added
portfolio management responsibility for NYV.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED MARCH 31, 2010?
Municipal market conditions began to show general signs of improvement
throughout most of the period. This trend was bolstered by the reduced issuance
of tax-exempt municipal debt in the marketplace, due in part to the introduction
of the Build America Bond program in April 2009. Build America Bonds are a new
class of taxable municipal debt created as part of the February 2009 economic
stimulus package. These bonds currently offer municipal issuers a federal
subsidy equal to 35% of the bonds' interest payments and therefore provide
issuers with an attractive alternative to traditional tax-exempt debt. For the
six-month period ended March 31, 2010, taxable Build America Bonds issuance
totaled $55.3 billion, accounting for almost 25% of new bonds in the municipal
market nationwide.
In New York, the Build America Bond program had a significant impact on the
availability of tax-exempt issuance, especially among the longer maturities
that we typically seek to purchase for these Funds. For the six months ended
March 31, 2010, Build America Bonds issuance in New York totaled $7.4 billion,
which ranked the state as the second largest user of these bonds (after
California). Although total municipal issuance, which includes tax-exempt as
well as taxable bonds, was up substantially in New York for this period Build
America Bonds made up approximately 31.5% of that supply. Since interest
payments from Build America Bonds represent taxable income, we do not view these
bonds as good investment opportunities for the New York Funds.
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS
OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS
RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND
OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGER AS OF THE DATE
OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY
FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS
EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND
OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE
ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.
2 Nuveen Investments
Despite the constrained issuance of tax-exempt municipal bonds, we continued to
find attractive value opportunities, taking a bottom-up approach to discovering
undervalued sectors and individual credits with the potential to perform
relatively well over the long term. Areas of the market where we found value
included water and sewer, housing and airport bonds. We also added health care
and higher education credits to the Funds. Tax-exempt supply was usually more
plentiful in these two sectors because, as 501(c)(3) (nonprofit) organizations,
hospitals and private universities generally do not qualify for the Build
America Bond program and so must continue to issue bonds in the tax-exempt
municipal market. We also purchased bonds issued for the Hudson Yards
Redevelopment Project to fund infrastructure and business development on
Manhattan's Far West Side, including extension of the subway line and expansion
of the Javits Center.
In general, our purchases during this period focused on bonds offering premium
coupons as a defense against a potential rise in interest rates. We also bought
bonds with retail structures (i.e., higher quality credits priced at a slight
discount with coupons around 5%). Cash for new purchases was generated almost
entirely from bond calls.
As of March 31, 2010, all five of these Funds used inverse floating rate
securities.(1) We employ inverse floaters for a variety of reasons, including
leverage, duration management and both income and total return enhancement.
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New York Funds, as well as relevant index and
peer group information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE*
FOR PERIODS ENDED 3/31/10
SIX-MONTH 1-YEAR 5-YEAR 10-YEAR
-------------------------------------------------------------------------------
NNY(2) 0.79% 10.77% 4.31% 5.14%
NYV(2) 0.58% 13.64%** N/A N/A
NNP 0.95% 17.36% 4.91% 7.14%
NAN 1.02% 19.82% 4.69% 7.28%
NXK 1.37% 19.05% 5.01% N/A
Standard & Poor's (S&P) New
York Municipal Bond Index(3) 0.53% 10.73% 4.70% 5.65%
Standard & Poor's (S&P)
National Municipal Bond Index(4) 0.28% 11.26% 4.42% 5.54%
Lipper New York Municipal
Debt Funds Average(5) 1.18% 21.80% 3.52% 6.19%
-------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one-year, five-year, and
ten-year are annualized.
** The cumulative return shown for NYV represents the period from its
inception on April 28, 2009, through March 31, 2010. Past performance is
not predictive of future results. Current performance may be higher or
lower than the data shown. Returns do not reflect the deduction of taxes
that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
(1) An inverse floating rate security, also known as an inverse floater, is a
financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen Funds, the index typically used is the Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA). Inverse
floaters, including those inverse floating rate securities in which the
Funds invested during this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
(2) NNY and NYV do not issue auction rate preferred (Preferred) shares; the
remaining three Funds in this report issue Preferred shares.
(3) The Standard & Poor's (S&P) New York Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade New York municipal bond market. This
index does not reflect any initial or ongoing expenses and is not
available for direct investment.
(4) The Standard & Poor's (S&P) National Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade U.S. municipal bond market. This index
does not reflect any initial or ongoing expenses and is not available for
direct investment.
(5) The Lipper New York Municipal Debt Funds Average is calculated using the
returns of all closed-end funds in this category for each period as
follows: six-month, 18 funds; 1-year, 17 funds; 5-year, 17 funds; and
10-year, 8 funds. Lipper returns account for the effects of management
fees and assume reinvestment of dividends, but do not reflect any
applicable sales charges. The Lipper average is not available for direct
investment.
Nuveen Investments 3
For the six months ended March 31, 2010, the cumulative returns on common share
net asset value (NAV) for all five of these New York Funds outperformed the
Standard & Poor's (S&P) New York Municipal Bond Index and the Standard & Poor's
(S&P) National Municipal Bond Index. NXK also exceeded the average return for
the Lipper New York Municipal Debt Funds Average, while the remaining four Funds
lagged this measure.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, the use of leverage was an important factor during this
period. One of the reasons that the returns of NNY and NYV trailed those of the
other three New York Funds for the six-month period was that these two Funds do
not use structural leverage. The impact of structural leverage is discussed in
more detail on page five.
During this period, short and intermediate-term bonds generally outperformed
credits with longer maturities, with bonds maturing in 20 years or more posting
negative returns for the period. Overall, duration and yield curve positioning
was a neutral factor in the performances of these Funds. Although the Funds
benefited from being under-weight in the underperforming longer end of the
yield curve, this was offset by their underexposure to the shorter part of the
curve that outperformed. NYV, which had the longer duration typical of a new
Fund recently invested in long-term bonds, was the least advantageously
positioned in terms of duration among these Funds.
Credit exposure had the most impact on the performance of these Funds. The
demand for municipal bonds increased during this period, driven by a variety of
factors, including concerns about potential tax increases, the need to rebalance
portfolio allocations and a growing appetite for additional risk. At the same
time, the supply of new tax-exempt municipal securities declined. As investors
bid up municipal bond prices, bonds rated BBB or below and non-rated bonds
generally outperformed those rated AAA. In this environment, the Fund's
performance benefited from their allocations to lower quality credits. This was
especially true in NXK and NAN, which had the heaviest weightings of bonds rated
BBB or lower and non-rated bonds among these five Funds.
Holdings that generally contributed positively to the Funds' performance during
this period included housing and health care bonds. On the whole, these five
Funds were overweighted in both housing and health care credits, which enhanced
their returns. Revenue bonds as a whole performed well, with resource recovery,
electric utilities, leasing and transportation among the sectors also
outperforming the general municipal market for this period. In addition,
pre-refunded bonds, which are typically backed by U.S. Treasury securities, were
among the stronger performers, primarily due to their shorter effective
4 Nuveen Investments
maturities. As of March 31, 2010, NNP and NXK had the largest allocations of
pre-refunded bonds among these five Funds, which benefited their performance.
Zero coupon bonds, special tax credits and general obligation (GO) bonds
generally posted negative returns for this period, while education and water and
sewer bonds failed to keep pace with the overall municipal market for the six
months.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of most of these Funds relative to
the comparative indexes was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total returns for common shareholders.
However, use of leverage also can expose common shareholders to additional
volatility. For example, as the prices of securities held by a Fund decline, the
negative impact of these valuation changes on common share net asset value and
common shareholder total return is magnified by the use of leverage. Conversely,
leverage may enhance common share returns during periods when bond prices
generally are rising.
Leverage made a significant positive contribution to the performance of these
Funds over this reporting period.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
Shortly after their inceptions, each of the Funds except NNY and NYV issued
auction rate preferred shares (ARPS) to create financial leverage. As noted in
past shareholder reports, the ARPS issued by many closed-end funds, including
these Funds, have been hampered by a lack of liquidity since February 2008.
Since that time, more ARPS have been submitted for sale in each of their
regularly scheduled auctions than there have been offers to buy. In fact, offers
to buy have been almost completely non-existent since late February 2008. This
means that these auctions have "failed to clear," and that many, or all, of the
ARPS shareholders who wanted to sell their shares in these auctions were unable
to do so. This lack of liquidity in ARPS did not lower the credit quality of
these shares, and ARPS shareholders unable to sell their shares received
distributions at the "maximum rate" applicable to failed auctions, as calculated
in accordance with the pre-established terms of the ARPS. In the recent market,
with short-term rates at multi-generational lows, those maximum rates also have
been low.
Nuveen Investments 5
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds' Board of
Directors/Trustees authorized several methods to refinance a portion of the
Nuveen funds' outstanding ARPS. Some Funds have utilized tender option bonds
(TOBs), also known as floating rate securities for leverage purposes. The amount
of TOBs that a Fund may use varies according to the composition of each Fund's
portfolio. Some funds have a greater ability to use TOBs than others. As of
March 31, 2010, some funds have issued Variable Rate Demand Preferred Shares
(VRDP), but these issuances have been limited since it has been difficult to
find liquidity providers on economically viable terms given the constrained
credit environment. Some Funds have issued MuniFund Term Preferred Shares
(MTP), a fixed rate form of preferred stock with a mandatory redemption period
of five years.
While all these efforts have reduced the total amount of outstanding ARPS issued
by the Nuveen funds, the Funds cannot provide any assurance on when the
remaining outstanding ARPS might be redeemed.
As of March 31, 2010, the amounts of ARPS redeemed at par by each of the Funds
are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
-----------------------------------------------------------------------------
NNP $ 124,300,000 100.00%
NAN $ 47,100,000 68.3%
NXK $ 12,900,000 27.4%
-----------------------------------------------------------------------------
Subsequent to the reporting period, NXK completed the issuance of $37.89 million
of 2.55%, Series 2015 MTP. The net proceeds from this offering were used to
refinance the Fund's outstanding ARPS at par. The newly-issued MTP shares trade
on the New York Stock Exchange (NYSE) under the symbol "NXK Pr C". MTP is a
fixed-rate form of preferred stock with a mandatory redemption period, in this
case, of five years. By issuing MTP, the Fund seeks to take advantage of the
current historically low interest rate environment to lock in an attractive
federally tax-exempt cost of leverage for a period as long as the term of the
MTP. The Fund's managers believe that issuing MTP may help the Fund mitigate the
risk of a significant increase in their cost of leverage should short-term
interest rates rise sharply in the coming years.
6 Nuveen Investments
Subsequent to the reporting period, NXK noticed for redemption at par the
remaining $34.1 million of its outstanding ARPS using the proceeds from the
issuance of MTP described above.
As of March 31, 2010, 82 out of the 84 Nuveen closed-end municipal funds that
had issued ARPS have redeemed at par all or a portion of these shares. These
redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS
redemptions to approximately $4.3 billion of the approximately $11.0 billion
originally outstanding.
On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NNP,
received a demand letter from a law firm on behalf of the each such fund's
common shareholders, alleging that Nuveen and the fund's officers and Board of
Directors breached their fiduciary duties related to the redemption at par of
the fund's ARPS. The funds' independent Board is evaluating the demand letters
for each fund.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at: http://www.nuveen.com/arps.
Nuveen Investments 7
Common Share Dividend
and Share Price Information
During the six-month reporting period ended March 31, 2010, NNP, NAN and NXK
each had one monthly dividend increase, while the dividends of NNY and NYV
remained stable throughout the period.
Due to normal portfolio activity, common shareholders of the following Funds
received capital gains and/or net ordinary income distributions at the end of
December 2009 as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
FUND (PER SHARE) (PER SHARE)
-----------------------------------------------------------------------------
NNY $ 0.0173 $ 0.0050
NNP $ 0.0154 -
NAN $ 0.0431 -
NXK $ 0.0076 $ 0.0008
-----------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends,
it holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of March 31, 2010, all of the
Funds in this report had positive UNII balances, based upon our best estimate,
for tax purposes. NNY, NNP, NAN and NXK had positive UNII balances and NYV had a
negative UNII balance for financial reporting purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of March 31, 2010, the Funds cumulatively repurchased common shares as shown
in the accompanying table.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
-----------------------------------------------------------------------------
NNY - -
NYV - -
NNP 27,800 0.2%
NAN - -
NXK 7,200 0.1%
-----------------------------------------------------------------------------
8 Nuveen Investments
The Funds did not repurchase any of their outstanding common shares during the
six-month reporting period.
As of March 31, 2010, the Funds' common share prices were trading at (-)
discounts to their common share NAVs as shown in the accompanying table.
3/31/10 SIX-MONTH AVERAGE
FUND (-) DISCOUNT (-) DISCOUNT
-------------------------------------------------------------------------------
NNY -0.62% -2.03%
NYV -4.48% -5.63%
NNP -7.23% -8.27%
NAN -7.23% -9.13%
NXK -6.19% -8.85%
-------------------------------------------------------------------------------
Nuveen Investments 9
NNY Performance OVERVIEW | Nuveen New York Municipal Value Fund, Inc.
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 27%
AA 40%
A 16%
BBB 7%
BB or Lower 5%
N/R 5%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[LINE CHART]
Apr $ 0.0355
May 0.0355
Jun 0.0355
Jul 0.0355
Aug 0.0355
Sep 0.0355
Oct 0.0355
Nov 0.0355
Dec 0.0355
Jan 0.0355
Feb 0.0355
Mar 0.0355
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 8.89
9
8.95
9.0367
9.1907
9.32
9.35
9.38
9.37
9.34
9.3
9.1
9.0999
9.09
9.18
9.07
9.12
9.13
9.34
9.25
9.31
9.5499
9.74
9.58
9.53
9.57
9.64
9.5782
9.5254
9.39
9.55
9.4399
9.46
9.5
9.65
9.74
9.5
9.65
9.64
9.58
9.45
9.5
9.4499
9.45
9.45
9.55
9.4785
9.44
9.5495
9.6554
9.67
9.67
9.76
3/31/10 9.69
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 9.69
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 9.75
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -0.62%
--------------------------------------------------------------------------------
Market Yield 4.40%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 6.56%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 147,676
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.35
--------------------------------------------------------------------------------
Modified Duration 4.72
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 4.42% 0.79%
--------------------------------------------------------------------------------
1-Year 13.49% 10.77%
--------------------------------------------------------------------------------
5-Year 5.30% 4.31%
--------------------------------------------------------------------------------
10-Year 6.80% 5.14%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 25.9%
--------------------------------------------------------------------------------
Health Care 11.5%
--------------------------------------------------------------------------------
Tax Obligation/General 9.5%
--------------------------------------------------------------------------------
Transportation 9.2%
--------------------------------------------------------------------------------
Education and Civic Organizations 8.9%
--------------------------------------------------------------------------------
Utilities 6.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 6.4%
--------------------------------------------------------------------------------
Housing/Multifamily 6.2%
--------------------------------------------------------------------------------
Long-Term Care 5.9%
--------------------------------------------------------------------------------
Other 9.6%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2009 of $0.0223 per share.
10 Nuveen Investments
NYV Performance OVERVIEW | Nuveen New York Municipal Value Fund 2, Inc.
as of March 31, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.91
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.61
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -4.48%
--------------------------------------------------------------------------------
Market Yield 5.15%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.68%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 36,636
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 25.63
--------------------------------------------------------------------------------
Modified Duration 9.43
--------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 3.14% 0.58%
--------------------------------------------------------------------------------
Since Inception 3.90% 13.64%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 26.3%
--------------------------------------------------------------------------------
Health Care 20.3%
--------------------------------------------------------------------------------
Housing/Multifamily 13.1%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.2%
--------------------------------------------------------------------------------
Transportation 10.9%
--------------------------------------------------------------------------------
Tax Obligation/General 7.3%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 0.5%
--------------------------------------------------------------------------------
Other 9.4%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS(2)
[PIE CHART]
AAA/U.S.
Guaranteed 16%
AA 35%
A 25%
BBB 14%
BB or Lower 3%
N/R 7%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Jun $ 0.064
Jul 0.064
Aug 0.064
Sep 0.064
Oct 0.064
Nov 0.064
Dec 0.064
Jan 0.064
Feb 0.064
Mar 0.064
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 14.75
14.63
13.85
13.6
13.7992
13.8
13.26
13.12
13.28
13.4
13.72
13.73
13.85
14.1
14.11
14
14.01
14.0501
14.2165
14.42
14.7
14.9
14.9999
14.99
14.85
14.8
14.7636
14.7
14.63
14.55
14.4
14.5
14.5999
14.35
14.37
14.35
14.59
14.49
14.508
14.53
14.63
14.4999
14.4
14.48
14.52
14.59
14.57
14.99
3/31/10 14.91
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) Excluding Euro Dollar Time Deposit.
Nuveen Investments 11
NNP Performance OVERVIEW | Nuveen New York Performance Plus Municipal Fund, Inc.
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 33%
AA 36%
A 15%
BBB 9%
BB or Lower 3%
N/R 4%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Apr $ 0.0595
May 0.0645
Jun 0.0645
Jul 0.0645
Aug 0.0645
Sep 0.067
Oct 0.067
Nov 0.067
Dec 0.068
Jan 0.068
Feb 0.068
Mar 0.068
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.78
11.95
12.45
12.13
12.33
12.3
12.87
12.77
12.9
12.7732
12.71
12.34
12.48
12.546
12.93
13.05
13.03
13.23
13.7211
13.94
13.91
14.06
14.14
14.26
14.7
14.85
14.7673
14.82
14.7
13.88
14.03
13.78
14.09
13.81
13.68
13.72
13.83
13.91
13.89
13.99
13.89
13.9649
14.04
13.9299
14.03
14.23
14.06
13.95
14.07
14.211
14.25
14.27
14.3
3/31/10 14.24
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.24
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.35
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.23%
--------------------------------------------------------------------------------
Market Yield 5.73%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.54%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 230,886
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.54
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.03
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) -0.65% 0.95%
--------------------------------------------------------------------------------
1-Year 29.48% 17.36%
--------------------------------------------------------------------------------
5-Year 5.69% 4.91%
--------------------------------------------------------------------------------
10-Year 7.46% 7.14%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 24.6%
--------------------------------------------------------------------------------
Health Care 14.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 11.0%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.9%
--------------------------------------------------------------------------------
Transportation 7.6%
--------------------------------------------------------------------------------
Tax Obligation/General 7.4%
--------------------------------------------------------------------------------
Utilities 6.1%
--------------------------------------------------------------------------------
Water and Sewer 4.6%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 1.1%
--------------------------------------------------------------------------------
Other 13.7%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a capital gains distribution in December 2009
of $0.0154 per share.
(3) Excluding Euro Dollar Time Deposit.
12 Nuveen Investments
NAN Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund
as of March 31, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.48
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.53
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.23%
--------------------------------------------------------------------------------
Market Yield 5.83%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.69%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 134,643
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 17.14
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.83
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 4.12% 1.02%
--------------------------------------------------------------------------------
1-Year 29.34% 19.82%
--------------------------------------------------------------------------------
5-Year 4.37% 4.69%
--------------------------------------------------------------------------------
10-Year 7.21% 7.28%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 21.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited 21.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.0%
--------------------------------------------------------------------------------
Transportation 8.9%
--------------------------------------------------------------------------------
Housing/Multifamily 8.6%
--------------------------------------------------------------------------------
Tax Obligation/General 7.9%
--------------------------------------------------------------------------------
Utilities 4.3%
--------------------------------------------------------------------------------
Long-Term Care 3.8%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 1.3%
--------------------------------------------------------------------------------
Other 12.7%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 17%
AA 35%
A 23%
BBB 10%
BB or Lower 7%
N/R 8%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Apr $ 0.059
May 0.0635
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.0645
Oct 0.0645
Nov 0.0645
Dec 0.0655
Jan 0.0655
Feb 0.0655
Mar 0.0655
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.15
11.44
11.75
11.55
11.75
12.01
12.12
12.26
12.11
12.14
12.14
11.75
11.69
11.88
11.88
12.25
12.26
12.43
12.75
12.75
12.82
12.798
12.79
13.05
13.08
13.15
13.38
13.48
13.47
13.0086
13.24
13
13.08
12.85
12.85
13.02
13.2
13.094
12.95
12.93
12.94
13
13.09
13
13.14
13.15
13.19
13.19
13.2801
13.44
13.64
13.63
13.51
3/31/10 13.4799
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a capital gains distribution in December 2009
of $0.0431 per share.
(3) Excluding Euro Dollar Time Deposit.
Nuveen Investments 13
NXK Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund 2
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 21%
AA 28%
A 24%
BBB 11%
BB or Lower 6%
N/R 10%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Apr $ 0.058
May 0.0645
Jun 0.0645
Jul 0.0645
Aug 0.0645
Sep 0.0655
Oct 0.0655
Nov 0.0655
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.0665
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.27
11.12
11.23
11.3
11.9
12.15
12.15
12.5
12.12
12.16
12.18
11.73
11.64
11.92
11.9
12.094
12.14
12.28
12.68
12.65
12.8
12.7713
13.14
12.53
13.11
13.15
13.374
13.42
13.41
13
13.12
13.1
13.05
12.87
12.908
13.066
12.9612
13
12.96
12.98
12.92
13.01
13.02
13.11
13.16
13.21
13.38
13.268
13.5
13.54
13.55
13.71
13.63
3/31/10 13.65
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.65
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.55
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.19%
--------------------------------------------------------------------------------
Market Yield 5.85%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.72%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 94,394
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.35
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.76
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 4.94% 1.37%
--------------------------------------------------------------------------------
1-Year 29.51% 19.05%
--------------------------------------------------------------------------------
5-Year 5.14% 5.01%
--------------------------------------------------------------------------------
Since Inception 5.45% 6.43%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 22.7%
--------------------------------------------------------------------------------
Health Care 15.2%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.5%
--------------------------------------------------------------------------------
Transportation 11.9%
--------------------------------------------------------------------------------
Tax Obligation/General 8.9%
--------------------------------------------------------------------------------
Utilities 7.6%
--------------------------------------------------------------------------------
U.S. Guaranteed 6.8%
--------------------------------------------------------------------------------
Other 14.4%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2009 of $0.0084 per share.
14 Nuveen Investments
NNY | Shareholder Meeting Report
NYV | The annual meeting of shareholders was held in the offices of Nuveen
NNP | Investments on April 6, 2010; at this meeting the shareholders were
asked to vote on the election of Board Members.
NNY NYV NNP
-----------------------------------------------------------------------------------------------------------------
Common and Preferred
Preferred shares
shares voting voting
Common together together
Common shares shares as a class as a class
-----------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS
FOLLOWS:
John P. Amboian
For -- -- 12,492,237 1,454
Withhold -- -- 604,427 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- 13,096,664 1,606
=================================================================================================================
Robert P. Bremner
For -- -- 12,378,404 1,454
Withhold -- -- 718,260 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- 13,096,664 1,606
=================================================================================================================
Jack B. Evans
For -- -- 12,379,404 1,454
Withhold -- -- 717,260 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- 13,096,664 1,606
=================================================================================================================
William C. Hunter
For 12,805,355 2,171,076 -- 1,454
Withhold 547,886 95,631 -- 152
-----------------------------------------------------------------------------------------------------------------
Total 13,353,241 2,266,707 -- 1,606
=================================================================================================================
David J. Kundert
For -- -- 12,493,701 1,454
Withhold -- -- 602,963 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- 13,096,664 1,606
=================================================================================================================
William J. Schneider
For -- -- -- 1,454
Withhold -- -- -- 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- 1,606
=================================================================================================================
Judith M. Stockdale
For 12,487,217 2,193,707 12,374,568 1,454
Withhold 866,024 73,000 722,096 152
-----------------------------------------------------------------------------------------------------------------
Total 13,353,241 2,266,707 13,096,664 1,606
=================================================================================================================
Carole E. Stone
For 12,814,766 2,196,107 12,492,033 1,454
Withhold 538,475 70,600 604,631 152
-----------------------------------------------------------------------------------------------------------------
Total 13,353,241 2,266,707 13,096,664 1,606
=================================================================================================================
Terence J. Toth
For -- -- 12,486,901 1,454
Withhold -- -- 609,763 152
-----------------------------------------------------------------------------------------------------------------
Total -- -- 13,096,664 1,606
=================================================================================================================
Nuveen Investments 15
| Shareholder Meeting Report (continued)
NAN |
NXK |
NAN NXK
-----------------------------------------------------------------------------------------------------------------
Common and Preferred Common and Preferred
Preferred shares Preferred shares
shares voting voting shares voting voting
together together together together
as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS
FOLLOWS:
John P. Amboian
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- --
=================================================================================================================
Robert P. Bremner
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- --
=================================================================================================================
Jack B. Evans
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- --
=================================================================================================================
William C. Hunter
For -- 2,665,223 -- 811
Withhold -- 215,774 -- 37
-----------------------------------------------------------------------------------------------------------------
Total -- 2,880,997 -- 848
=================================================================================================================
David J. Kundert
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- --
=================================================================================================================
William J. Schneider
For -- 2,665,223 -- 811
Withhold -- 215,774 -- 37
-----------------------------------------------------------------------------------------------------------------
Total -- 2,880,997 -- 848
=================================================================================================================
Judith M. Stockdale
For 11,101,214 -- 5,715,886 --
Withhold 618,955 -- 266,345 --
-----------------------------------------------------------------------------------------------------------------
Total 11,720,169 -- 5,982,231 --
=================================================================================================================
Carole E. Stone
For 11,091,668 -- 5,717,038 --
Withhold 628,501 -- 265,193 --
-----------------------------------------------------------------------------------------------------------------
Total 11,720,169 -- 5,982,231 --
=================================================================================================================
Terence J. Toth
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------
Total -- -- -- --
=================================================================================================================
16 Nuveen Investments
NNY | Nuveen New York Municipal Value Fund, Inc.
| Portfolio of Investments
March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.3% (1.2% OF TOTAL
INVESTMENTS)
$ 275 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 239,418
New York, Liberty Revenue Bonds,
IAC/InterActiveCorp, Series 2005, 5.000%,
9/01/35
1,950 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 1,624,877
Authority, New York, Special Obligation
Bonds, Series 2007A, 5.000%, 12/01/23
----------------------------------------------------------------------------------------------------------------------
2,225 Total Consumer Discretionary 1,864,295
----------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.3% (1.3% OF TOTAL
INVESTMENTS)
225 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 215,233
Settlement Pass-Through Bonds, Series 2001,
5.250%, 6/01/25
385 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 373,477
Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
165 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 157,006
Corporation, New York, Tobacco Settlement
Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed
Bonds, Series 2006:
900 4.750%, 6/01/22 6/16 at 100.00 BBB 866,907
345 5.000%, 6/01/26 6/16 at 100.00 BBB 317,969
----------------------------------------------------------------------------------------------------------------------
2,020 Total Consumer Staples 1,930,592
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.1% (8.9%
OF TOTAL INVESTMENTS)
275 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 254,944
Revenue Bonds, Albany Law School,
Series 2007A, 5.000%, 7/01/31
115 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 92,439
Revenue Bonds, Brighter Choice Charter
Schools, Series 2007A, 5.000%, 4/01/37
1,350 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,397,601
New York, Payment in Lieu of Taxes Revenue
Bonds, Barclays Center Project, Series 2009,
6.250%, 7/15/40
90 Cattaraugus County Industrial Development 5/16 at 100.00 BBB- 86,080
Agency, New York, Revenue Bonds, St.
Bonaventure University, Series 2006, 5.000%,
5/01/23
1,175 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,060,250
General Revenue Bonds, Manhattan College,
Series 2007A, 5.000%, 7/01/41 - RAAI Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call A 965,350
Housing Revenue Bonds, Fashion Institute of
Technology, Series 2007, 5.250%, 7/01/34 -
FGIC Insured
800 Dormitory Authority of the State of New York, 7/11 at 102.00 N/R 806,584
Insured Revenue Bonds, D'Youville College,
Series 2001, 5.250%, 7/01/20 - RAAI Insured
505 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 509,833
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - NPFG Insured
Dormitory Authority of the State of New York,
Second General Resolution Consolidated
Revenue Bonds, City University System, Series
1993A:
1,000 5.750%, 7/01/18 No Opt. Call AA- 1,145,230
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,617,126
575 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 482,839
New York, Civic Facility Revenue Bonds, Bard
College Project, Series 2007-A2, 4.500%,
8/01/36
265 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 267,790
New York, Revenue Bonds, Adelphi University,
Civic Facility Project, Series 2005, 5.000%,
10/01/35
245 New York City Industrial Development Agency, 10/14 at 100.00 A- 234,012
New York, Civic Facility Revenue Bonds, St.
Francis College, Series 2004, 5.000%,
10/01/34
1,100 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,106,600
New York, Civic Facility Revenue Bonds, YMCA
of Greater New York, Series 2002, 5.250%,
8/01/21
1,175 New York City Industrial Development Agency, 1/17 at 100.00 BB+ 968,999
New York, PILOT Revenue Bonds, Queens Baseball
Stadium Project, Series 2006, 4.750%, 1/01/42
- AMBAC Insured
1,610 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,387,933
New York, PILOT Revenue Bonds, Yankee Stadium
Project, Series 2006, 4.500%, 3/01/39 - FGIC
Insured
Nuveen Investments 17
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 170 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB $ 151,229
New York, Revenue Bonds, New York
Chiropractic College, Series 2007, 5.000%,
10/01/27
880 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 883,670
Corporation Revenue Bonds, Molloy College
Project, Series 2009, 5.750%, 7/01/39
----------------------------------------------------------------------------------------------------------------------
13,730 Total Education and Civic Organizations 13,418,509
----------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.2% (1.2% OF TOTAL INVESTMENTS)
400 Liberty Development Corporation, New York, No Opt. Call A1 405,072
Goldman Sachs Headquarter Revenue Bonds,
Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, No Opt. Call A1 1,369,806
Goldman Sachs Headquarters Revenue Bonds
Series 2007, 5.500%, 10/01/37
----------------------------------------------------------------------------------------------------------------------
1,705 Total Financials 1,774,878
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 11.7% (11.5% OF TOTAL INVESTMENTS)
490 Cattaraugus County Industrial Development 8/10 at 100.00 A+ 490,843
Agency, New York, Revenue Bonds, Olean
General Hospital, Series 1998A, 5.250%,
8/01/23
1,005 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,020,879
FHA-Insured Mortgage Revenue Bonds,
Montefiore Hospital, Series 2004, 5.000%,
8/01/29 - FGIC Insured
700 Dormitory Authority of the State of New York, 2/15 at 100.00 A 710,423
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC
Insured
1,800 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 1,771,776
FHA-Insured Revenue Bonds, St. Lukes
Roosevelt Hospital, Series 2005, 4.900%,
8/15/31
1,250 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 1,267,138
Revenue Bonds, Catholic Health Services of
Long Island Obligated Group - St. Catherine
of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
2,350 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 2,411,946
Revenue Bonds, Memorial Sloan Kettering
Cancer Center, Series 2006-1, 5.000%, 7/01/35
1,000 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 1,013,860
Revenue Bonds, Mount Sinai NYU Health
Obligated Group, Series 2000A, 6.500%,
7/01/25
250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 250,128
Revenue Bonds, Mount Sinai NYU Health, Series
2000C, 5.500%, 7/01/26
1,590 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 1,732,321
Revenue Bonds, New York and Presbyterian
Hospital, Series 2004A, 5.250%, 8/15/15 - AGM
Insured
500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 504,390
Revenue Bonds, South Nassau Communities
Hospital, Series 2003B, 5.500%, 7/01/23
500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 472,980
Revenue Bonds, Winthrop-South Nassau
University Hospital Association, Series
2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, 7/10 at 100.00 BB 264,358
New York, Civic Facility Revenue Bonds,
Nicholas H. Noyes Hospital, Series 2005,
6.000%, 7/01/30
Madison County Industrial Development Agency,
New York, Civic Facility Revenue Bonds,
Oneida Health System, Series 2007A:
280 5.250%, 2/01/27 No Opt. Call BBB- 248,142
260 5.500%, 2/01/32 No Opt. Call BBB- 232,934
245 Nassau County Industrial Development Agency, No Opt. Call Baa1 253,247
New York, Revenue Refunding Bonds, North Shore
Health System Obligated Group, Series 2001B,
5.875%, 11/01/11
500 New York City Health and Hospitals Corporation, 8/10 at 100.00 A+ 501,345
New York, Health System Revenue Bonds, Series
1999A, 5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation,
New York, Health System Revenue Bonds, Series
2003A:
1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,225,349
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,034,730
480 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 476,357
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2001B,
6.375%, 7/01/31
240 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 237,456
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2002C,
6.450%, 7/01/32
660 Newark-Wayne Community Hospital, New York, 9/10 at 100.00 N/R 660,079
Hospital Revenue Refunding and Improvement
Bonds, Series 1993A, 7.600%, 9/01/15
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 500 Yonkers Industrial Development Agency, 7/11 at 101.00 B- $ 490,175
New York, Revenue Bonds, St. John's Riverside
Hospital, Series 2001A, 7.125%, 7/01/31
----------------------------------------------------------------------------------------------------------------------
17,065 Total Health Care 17,270,856
----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.3% (6.2% OF TOTAL
INVESTMENTS)
390 East Syracuse Housing Authority, New York, 4/10 at 102.00 AAA 398,471
FHA-Insured Section 8 Assisted Revenue
Refunding Bonds, Bennet Project, Series
2001A, 6.700%, 4/01/21
1,690 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 1,754,609
New York, Capital Fund Program Revenue
Bonds, Series 2005A, 5.000%, 7/01/25 - FGIC
Insured
New York City Housing Development Corporation,
New York, Multifamily Housing Revenue
Bonds, Series 2001A:
1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,020,470
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,012,980
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,011,880
1,000 New York City Housing Development Corporation, 5/19 at 100.00 AA 1,035,510
New York, Multifamily Housing Revenue
Bonds, Series 2009C-1, 5.500%, 11/01/34
1,250 New York City Housing Development Corporation, 5/19 at 100.00 AA 1,258,963
New York, Multifamily Housing Revenue
Bonds, Series 2009M, 5.150%, 11/01/45
440 New York State Housing Finance Agency, Secured 8/11 at 100.00 Aa1 445,760
Mortgage Program Multifamily Housing
Revenue Bonds, Series 2001E, 5.600%,
8/15/20 (Alternative Minimum Tax)
1,275 Westchester County Industrial Development 8/11 at 102.00 Aaa 1,322,443
Agency, New York, GNMA Collateralized
Mortgage Loan Revenue Bonds, Living
Independently for the Elderly Inc., Series
2001A, 5.375%, 8/20/21
----------------------------------------------------------------------------------------------------------------------
9,045 Total Housing/Multifamily 9,261,086
----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.0% (3.9% OF TOTAL
INVESTMENTS)
950 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 915,382
Mortgage Revenue Bonds, Series 130, 4.650%,
4/01/27 (Alternative Minimum Tax)
370 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 373,659
Mortgage Revenue Bonds, Series 148, 2007,
5.200%, 10/01/32 (Alternative Minimum Tax)
3,750 New York State Mortgage Agency, Homeowner 9/10 at 100.00 Aa1 3,764,174
Mortgage Revenue Bonds, Series 73A, 5.250%,
10/01/17 (Alternative Minimum Tax)
840 New York State Mortgage Agency, Mortgage 4/13 at 101.00 Aaa 844,830
Revenue Bonds, Thirty-Third Series A,
4.750%, 4/01/23 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
5,910 Total Housing/Single Family 5,898,045
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.0% (5.9% OF TOTAL
INVESTMENTS)
1,000 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 1,004,660
FHA-Insured Mortgage Nursing Home Revenue
Bonds, Eger Healthcare Center of Staten
Island, Series 1998, 5.100%, 2/01/28
2,250 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 2,250,495
FHA-Insured Mortgage Nursing Home Revenue
Bonds, Rosalind and Joseph Gurwin Jewish
Geriatric Center of Long Island, Series
1997, 5.700%, 2/01/37 - AMBAC Insured
1,105 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 1,105,939
FHA-Insured Mortgage Revenue Bonds, German
Masonic Home Corporation, Series 1996,
5.950%, 8/01/26
2,000 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 2,001,560
FHA-Insured Mortgage Revenue Bonds, W.K.
Nursing Home Corporation, Series 1996,
6.125%, 2/01/36
450 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 451,143
GNMA Collateralized Revenue Bonds, Cabrini
of Westchester Project, Series 2006,
5.200%, 2/15/41
270 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 266,479
Non-State Supported Debt, Ozanam Hall of
Queens Nursing Home Revenue Bonds, Series
2006, 5.000%, 11/01/31
135 Dormitory Authority of the State of New York, 7/15 at 100.00 N/R 87,585
Revenue Bonds, Providence Rest, Series
2005, 5.000%, 7/01/35 - ACA Insured
530 New York City Industrial Development Agency, 7/11 at 101.00 N/R 536,312
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2001A-1, 7.250%, 7/01/16
820 New York City Industrial Development Agency, 7/16 at 101.00 N/R 744,757
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2008A-1, 5.500%, 7/01/18
Nuveen Investments 19
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 235 Suffolk County Industrial Development Agency, 7/16 at 101.00 N/R $ 206,626
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2008-B1, 5.800%, 7/01/23
225 Yonkers Industrial Development Agency, New York, 7/16 at 101.00 N/R 197,834
Civic Facilities Revenue Bonds, Special Needs
Facilities Pooled Program Bonds, Series
2008-C1, 5.800%, 7/01/23
----------------------------------------------------------------------------------------------------------------------
9,020 Total Long-Term Care 8,853,390
----------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.1% (0.1% OF TOTAL INVESTMENTS)
240 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 235,937
New York, Solid Waste Disposal Revenue Bonds,
International Paper Company Project, Series
2003A, 5.200%, 12/01/20 (Alternative Minimum
Tax)
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.6% (9.5% OF TOTAL
INVESTMENTS)
2,000 New York City, New York, General Obligation 8/19 at 100.00 AA 2,156,020
Bonds, Fiscal 2009 Series C, 5.000%, 8/01/23
750 New York City, New York, General Obligation 8/14 at 100.00 AA 837,075
Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
1,000 New York City, New York, General Obligation 11/14 at 100.00 AAA 1,074,690
Bonds, Fiscal Series 2004E, 5.000%, 11/01/19
- AGM Insured
2,000 New York City, New York, General Obligation 9/15 at 100.00 AA 2,163,620
Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19
- SYNCORA GTY Insured
2,795 New York City, New York, General Obligation 8/16 at 100.00 AA 2,937,097
Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
4,760 New York City, New York, General Obligation 12/17 at 100.00 AA 5,084,393
Bonds, Series D, 5.125%, 12/01/25
----------------------------------------------------------------------------------------------------------------------
13,305 Total Tax Obligation/General 14,252,895
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.9% (22.6% OF TOTAL
INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150
Revenue Bonds, Series 2003A, 5.250%, 11/01/21
395 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 410,559
Department of Health Revenue Bonds, Series
2005A, 5.250%, 7/01/24 - CIFG Insured
275 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 293,821
State Personal Income Tax Revenue Bonds,
Series 2005F, 5.000%, 3/15/21 - AGM Insured
350 Erie County Industrial Development Agency, 5/14 at 100.00 AAA 370,283
New York, School Facility Revenue Bonds,
Buffalo City School District, Series 2004,
5.750%, 5/01/26 - AGM Insured
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - AGM Insured 11/12 at 100.00 AAA 2,092,820
1,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,010,220
1,500 Metropolitan Transportation Authority, New York, 11/19 at 100.00 AA 1,566,315
Dedicated Tax Fund Bonds, Series 2009B,
5.000%, 11/15/34
1,000 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 1,016,590
State Service Contract Refunding Bonds,
Series 2002A, 5.125%, 1/01/29
560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 515,911
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
New York City Sales Tax Asset Receivable
Corporation, New York, Dedicated Revenue
Bonds, Local Government Assistance
Corporation, Series 2004A:
740 5.000%, 10/15/25 - NPFG Insured 10/14 at 100.00 AAA 799,222
550 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 581,218
1,890 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,981,627
1,200 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 1,247,496
New York, Building Aid Revenue Bonds, Fiscal
Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,500 New York City Transitional Finance Authority, 1/19 at 100.00 AA- 1,583,040
New York, Building Aid Revenue Bonds, Fiscal
Series 2009-S5, 5.250%, 1/15/39
1,330 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,390,036
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.000%, 2/01/23 - FGIC Insured
1,530 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 1,635,371
New York, Future Tax Secured Bonds, Fiscal
Series 2007C-1, 5.000%, 11/01/27
1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030
Corporation, Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
2,100 New York State Environmental Facilities 12/17 at 100.00 AAA 2,243,703
Corporation, State Personal Income Tax
Revenue Bonds, Series 2008A, 5.000%, 12/15/27
(UB)
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 840 New York State Housing Finance Agency, State 9/15 at 100.00 AAA $ 871,198
Personal Income Tax Revenue Bonds, Economic
Development and Housing, Series 2006A,
5.000%, 3/15/36
1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010
Bridge Trust Fund Bonds, Second General,
Series 2005B, 5.000%, 4/01/21 - AMBAC
Insured
2,450 New York State Thruway Authority, Highway and No Opt. Call AA 2,841,388
Bridge Trust Fund Bonds, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,175 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,242,692
Bridge Trust Fund Bonds, Series 2007,
5.000%, 4/01/27
1,065 New York State Thruway Authority, State 3/12 at 100.00 AAA 1,137,537
Personal Income Tax Revenue Bonds, Series
2002A, 5.125%, 3/15/21
New York State Tobacco Settlement Financing
Corporation, Tobacco Settlement
Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
1,800 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 1,913,778
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 2,108,440
1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180
Corporation, Tobacco Settlement
Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C,
5.500%, 6/01/21
600 New York State Urban Development Corporation, No Opt. Call AA- 703,206
Special Project Revenue Bonds, University
Facilities Grants, Series 1995, 5.875%,
1/01/21
----------------------------------------------------------------------------------------------------------------------
31,850 Total Tax Obligation/Limited 33,862,841
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.3% (9.2% OF TOTAL
INVESTMENTS)
180 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 182,506
Bonds, Series 2001A, 5.625%, 7/15/25
2,500 Metropolitan Transportation Authority, 11/17 at 100.00 A 2,534,650
New York, Transportation Revenue Bonds,
Series 2007B, 5.000%, 11/15/33
500 Metropolitan Transportation Authority, 11/12 at 100.00 A 534,920
New York, Transportation Revenue Refunding
Bonds, Series 2002A, 5.500%, 11/15/19 -
AMBAC Insured
1,100 New York City Industrial Development Agency, 6/10 at 101.00 BB- 799,062
New York, Special Facilities Revenue Bonds,
British Airways PLC, Series 1998, 5.250%,
12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760
New York, Special Facilities Revenue Bonds,
JFK Airport - American Airlines Inc.,
Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
500 New York City Industrial Development Agency, 1/16 at 100.00 A3 506,340
New York, Special Facilities Revenue Bonds,
Terminal One Group JFK Project, Series
2005, 5.500%, 1/01/24 (Alternative Minimum
Tax)
1,000 New York City Industrial Development 5/12 at 100.00 B- 782,920
Authority, New York, JetBlue, 5.125%,
5/15/30 (Alternative Minimum Tax)
165 New York State Thruway Authority, General 1/15 at 100.00 A+ 168,552
Revenue Bonds, Series 2005F, 5.000%,
1/01/30 - AMBAC Insured
400 New York State Thruway Authority, General 7/15 at 100.00 AAA 411,492
Revenue Bonds, Series 2005G, 5.000%,
1/01/30 - AGM Insured
500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 500,745
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG Insured (Alternative
Minimum Tax)
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, One Hundred
Fortieth Series 2005:
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680
435 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 453,879
325 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 382,499
Consolidated Revenue Bonds, One Hundred
Forty Eighth Series 2007, Trust 2920,
17.440%, 8/15/32 - AGM Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,624
New York, General Purpose Revenue Refunding
Bonds, Series 2002B, 5.000%, 11/15/21
Triborough Bridge and Tunnel Authority,
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 901,844
800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 855,752
----------------------------------------------------------------------------------------------------------------------
13,685 Total Transportation 13,763,225
----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 21
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 6.5% (6.4% OF TOTAL
INVESTMENTS)(4)
Albany Industrial Development Agency, New York,
Revenue Bonds, Albany Law School, Series
2000A:
$ 600 5.700%, 10/01/20 (Pre-refunded 10/01/10) 10/10 at 100.00 N/R (4) $ 616,314
- RAAI Insured
750 5.750%, 10/01/30 (Pre-refunded 10/01/10) 10/10 at 100.00 N/R (4) 770,580
- RAAI Insured
220 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 236,535
Bonds, Series 2001A, 5.625%, 7/15/25
(Pre-refunded 7/15/11)
2,525 Dormitory Authority of the State of New York, No Opt. Call AAA 2,990,407
Judicial Facilities Lease Revenue Bonds,
Suffolk County Issue, Series 1986, 7.375%,
7/01/16 (ETM)
25 Dormitory Authority of the State of New York, 4/10 at 105.68 Baa1 (4) 32,106
Suffolk County, Lease Revenue Bonds, Judicial
Facilities, Series 1991A, 9.500%, 4/15/14
(ETM)
280 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 287,389
Corporation, New York, Senior Tobacco
Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
960 Metropolitan Transportation Authority, New York, 5/10 at 100.00 N/R (4) 963,446
Commuter Facilities Revenue Bonds, Series
1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM)
420 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 427,850
New York, Tobacco Settlement Asset-Backed
Bonds, Series 2000, 6.150%, 6/01/25
(Pre-refunded 6/01/10)
365 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 378,187
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series 2000,
8.125%, 7/01/19 (Pre-refunded 7/01/10)
555 New York State Thruway Authority, State Personal 3/12 at 100.00 Aa3 (4) 598,179
Income Tax Revenue Bonds, Series 2002A,
5.125%, 3/15/21 (ETM)
1,000 Niagara Falls, Niagara County, New York, General No Opt. Call A (4) 1,101,520
Obligation Water Treatment Plant Bonds,
Series 1994, 7.250%, 11/01/11 - MBIA Insured
(Alternative Minimum Tax) (ETM)
1,120 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 1,174,589
Revenue Bonds, Community Development
Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
----------------------------------------------------------------------------------------------------------------------
8,820 Total U.S. Guaranteed 9,577,102
----------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.0% (6.9% OF TOTAL INVESTMENTS)
1,000 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 1,017,460
New York, Exempt Facility Revenue Bonds, NRG
Dunkirk Power Project, Series 2009, 5.875%,
4/01/42
Long Island Power Authority, New York, Electric
System General Revenue Bonds, Series 2006A:
1,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 1,562,115
1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 1,555,440
250 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 253,425
System General Revenue Bonds, Series 2006B,
5.000%, 12/01/35 - CIFG Insured
1,000 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 960,570
New York, Keyspan Glenwood Energy Project,
Series 2003, 5.250%, 6/01/27 (Alternative
Minimum Tax)
1,500 New York State Energy Research and Development 3/11 at 100.00 A 1,509,360
Authority, Pollution Control Revenue Bonds,
New York State Electric and Gas Corporation,
Series 2005A, 4.100%, 3/15/15 - NPFG Insured
500 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 514,860
New York, Solid Waste Disposal Facility
Revenue Bonds, American Ref-Fuel Company of
Niagara LP, Series 2001A, 5.450%, 11/15/26
(Mandatory put 11/15/12) (Alternative Minimum
Tax)
250 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 257,420
New York, Solid Waste Disposal Facility
Revenue Bonds, American Ref-Fuel Company of
Niagara LP, Series 2001C, 5.625%, 11/15/24
(Mandatory put 11/15/14) (Alternative Minimum
Tax)
1,500 Power Authority of the State of New York, 11/10 at 100.00 Aa2 1,507,755
General Revenue Bonds, Series 2000A, 5.250%,
11/15/40
25 Power Authority of the State of New York, 11/15 at 100.00 Aa2 26,977
General Revenue Bonds, Series 2006A, 5.000%,
11/15/19 - FGIC Insured
Suffolk County Industrial Development Agency,
New York, Revenue Bonds, Nissequogue
Cogeneration Partners Facility, Series 1998:
705 5.300%, 1/01/13 (Alternative Minimum Tax) 7/10 at 100.50 N/R 665,929
575 5.500%, 1/01/23 (Alternative Minimum Tax) 7/10 at 100.50 N/R 481,356
----------------------------------------------------------------------------------------------------------------------
10,305 Total Utilities 10,312,667
----------------------------------------------------------------------------------------------------------------------
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.9% (1.9% OF TOTAL
INVESTMENTS)
$ 415 New York City Municipal Water Finance 6/10 at 101.00 AAA $ 423,545
Authority, New York, Water and Sewerage
System Revenue Bonds, Fiscal Series 2000B,
6.100%, 6/15/31 - MBIA Insured
1,500 New York City Municipal Water Finance 6/11 at 101.00 AAA 1,600,335
Authority, New York, Water and Sewerage
System Revenue Bonds, Fiscal Series 2001D,
5.500%, 6/15/17
740 New York City Municipal Water Finance 6/12 at 100.00 AAA 796,913
Authority, New York, Water and Sewerage
System Revenue Bonds, Fiscal Series 2003A,
5.375%, 6/15/19
----------------------------------------------------------------------------------------------------------------------
2,655 Total Water and Sewer 2,820,793
----------------------------------------------------------------------------------------------------------------------
$ 141,580 Total Long-Term Investments (cost 145,097,111
$142,538,829) - 98.2% (96.7% of Total
Investments)
===============-------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 3.4% (3.3% OF TOTAL
INVESTMENTS)
TAX OBLIGATION/LIMITED - 3.4% (3.3% OF TOTAL
INVESTMENTS)
$ 4,975 Metropolitan Transportation Authority, 5/10 at 100.00 A-1 4,975,000
New York, Dedicated Tax Fund Bonds, Variable
Rate Demand Revenue Obligations, Series
2008A, 0.310%, 11/01/31 - AGM Insured (5)
===============-------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $4,975,000) 4,975,000
----------------------------------------------------------------------------------------------------
Total Investments (cost $147,513,829) - 101.6% 150,072,111
----------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.2)% (3,255,000)
----------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 858,439
----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 147,675,550
====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) 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. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 23
NYV | Nuveen New York Municipal Value Fund 2, Inc.
| Portfolio of Investments
March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.6% (3.7% OF TOTAL
INVESTMENTS)
$ 1,350 District of Columbia Tobacco Settlement No Opt. Call BBB $ 1,316,804
Corporation, Tobacco Settlement Asset-Backed
Bonds, Series 2001, 6.500%, 5/15/33
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.1% (12.2%
OF TOTAL INVESTMENTS)
1,200 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 964,584
Revenue Bonds, Brighter Choice Charter
Schools, Series 2007A, 5.000%, 4/01/37
1,000 Dormitory Authority of the State of New York, 7/17 at 100.00 AA- 1,020,640
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2007, 5.000%,
7/01/37
1,500 Dormitory Authority of the State of New York, 7/18 at 100.00 AA- 1,562,655
Revenue Bonds, New York University, Series
2008A, 5.000%, 7/01/38
5,095 New York City Industrial Development Agency, No Opt. Call AAA 879,193
New York, Revenue Bonds, Yankee Stadium Project
Pilot, Series 2009A, 0.000%, 3/01/40 - AGC
Insured
----------------------------------------------------------------------------------------------------------------------
8,795 Total Education and Civic Organizations 4,427,072
----------------------------------------------------------------------------------------------------------------------
ENERGY - 2.8% (2.8% OF TOTAL INVESTMENTS)
1,000 Virgin Islands Public Finance Authority, Revenue 1/14 at 100.00 Baa3 1,008,360
Bonds, Refinery Project - Hovensa LLC, Series
2003, 6.125%, 7/01/22 (Alternative Minimum
Tax)
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 20.1% (20.3% OF TOTAL INVESTMENTS)
500 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 492,160
FHA-Insured Revenue Bonds, St. Lukes
Roosevelt Hospital, Series 2005, 4.900%,
8/15/31
1,000 Dormitory Authority of the State of New York, 7/10 at 100.00 A3 980,270
Insured Revenue Bonds, Franciscan Health
Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997,
5.500%, 7/01/27 - RAAI Insured
1,500 Dormitory Authority of the State of New York, 11/16 at 100.00 A3 1,489,440
Revenue Bonds, North Shore Long Island Jewish
Obligated Group, Series 2006B, 5.000%,
11/01/34
1,500 Dormitory Authority of the State of New York, 5/19 at 100.00 A- 1,523,490
Revenue Bonds, North Shore Long Island Jewish
Obligated Group, Series 2009A, 5.500%,
5/01/37
1,010 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 995,365
Revenue Bonds, NYU Hospitals Center, Series
2007B, 5.625%, 7/01/37
700 Hospital Authority of Delaware County, Indiana, 8/16 at 100.00 Baa3 640,199
Hospital Revenue Bonds, Cardinal Health
System, Series 2006, 5.000%, 8/01/24
725 Illinois Finance Authority, Revenue Bonds, OSF 11/17 at 100.00 A 721,962
Healthcare System, Series 2007A, 5.750%,
11/15/37
500 Wisconsin Health and Educational Facilities 2/14 at 100.00 A+ 521,815
Authority, Revenue Bonds, ProHealth Care,
Inc. Obligated Group, Series 2009, 6.625%,
2/15/32
----------------------------------------------------------------------------------------------------------------------
7,435 Total Health Care 7,364,701
----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.0% (13.1% OF TOTAL
INVESTMENTS)
1,500 New York City Housing Development Corporation, 11/15 at 100.00 AAA 1,491,210
New York, FNMA Backed Progress of Peoples
Development Multifamily Rental Housing
Revenue Bonds, Series 2005B, 4.950%, 5/15/36
(Alternative Minimum Tax)
1,800 New York City Housing Development Corporation, 11/14 at 100.00 AA 1,801,008
New York, Multifamily Housing Revenue Bonds,
Series 2004-H2, 5.125%, 11/01/34 (Alternative
Minimum Tax)
1,000 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 1,015,840
Affordable Housing Revenue Bonds, Series
2009A, 5.250%, 11/01/41
450 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 442,503
Affordable Housing Revenue Bonds, Series
2009B, 4.500%, 11/01/29
----------------------------------------------------------------------------------------------------------------------
4,750 Total Housing/Multifamily 4,750,561
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.2% (7.3% OF TOTAL
INVESTMENTS)
1,000 New York City, New York, General Obligation 8/19 at 100.00 AA 1,078,010
Bonds, Fiscal 2009 Series C, 5.000%, 8/01/23
1,500 New York City, New York, General Obligation No Opt. Call AA 1,554,390
Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36
----------------------------------------------------------------------------------------------------------------------
2,500 Total Tax Obligation/General 2,632,400
----------------------------------------------------------------------------------------------------------------------
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 26.0% (26.3% OF TOTAL
INVESTMENTS)
$ 1,200 Dormitory Authority of the State of New York, 3/19 at 100.00 AAA $ 1,262,772
State Personal Income Tax Revenue Bonds,
Series 2009A, 5.000%, 3/15/38
1,200 Guam Government, Limited Obligation Section 30 12/19 at 100.00 BBB- 1,226,676
Revenue Bonds, Series 2009A, 5.750%, 12/01/34
1,710 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 1,636,231
New York, Revenue Bonds, Series 2006A, 5.000%,
2/15/47
1,500 New York City Transitional Finance Authority, 1/19 at 100.00 AA- 1,583,040
New York, Building Aid Revenue Bonds, Fiscal
Series 2009-S5, 5.250%, 1/15/39
2,000 New York State Urban Development Corporation, 3/17 at 100.00 AAA 2,217,199
State Personal Income Tax Revenue Bonds,
Tender Option Bond Trust 09-6W, 12.752%,
3/15/37 (IF)
1,500 Puerto Rico Sales Tax Financing Corporation, 8/19 at 100.00 A+ 1,615,305
Sales Tax Revenue Bonds, First Subordinate
Series 2009A, 6.000%, 8/01/42
----------------------------------------------------------------------------------------------------------------------
9,110 Total Tax Obligation/Limited 9,541,223
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.8% (10.9% OF TOTAL
INVESTMENTS)
New York City Industrial Development Agency,
New York, American Airlines-JFK International
Airport Special Facility Revenue Bonds, Series
2005:
500 7.500%, 8/01/16 (Alternative Minimum Tax) No Opt. Call B- 500,620
500 7.750%, 8/01/31 (Alternative Minimum Tax) 8/16 at 101.00 B- 506,175
2,000 New York City Industrial Development Agency, 10/17 at 100.00 N/R 1,566,300
New York, Civic Facility Revenue Bonds, Bronx
Parking Development Company, LLC Project,
Series 2007, 5.750%, 10/01/37
1,325 Triborough Bridge and Tunnel Authority, New York, 5/18 at 100.00 Aa2 1,387,951
General Purpose Revenue Bonds, Refunding
Series 2008A, 5.000%, 11/15/33
----------------------------------------------------------------------------------------------------------------------
4,325 Total Transportation 3,961,046
----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.8% (2.9% OF TOTAL
INVESTMENTS)
1,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 1,041,110
New York, Water and Sewerage System Revenue
Bonds, Second Generation Resolution, Series
2009FF-1, 5.000%, 6/15/40
----------------------------------------------------------------------------------------------------------------------
$ 40,265 Total Long-Term Investments (cost $32,922,630) - 36,043,277
98.4% (99.5% of Total Investments)
===============-------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5% (0.5% OF TOTAL
INVESTMENTS)
$ 198 State Street Bank Euro Dollar Time Deposit, N/A N/A 198,482
0.010%, 4/01/10
===============-------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $198,482) 198,482
----------------------------------------------------------------------------------------------------
Total Investments (cost $33,121,112) - 98.9% 36,241,759
----------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 394,064
----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 36,635,823
====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) 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. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
N/A Not applicable.
N/R Not rated.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
Nuveen Investments 25
NNP | Nuveen New York Performance Plus Municipal Fund, Inc.
| Portfolio of Investments
March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL
INVESTMENTS)
$ 685 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 596,368
New York, Liberty Revenue Bonds,
IAC/InterActiveCorp, Series 2005, 5.000%,
9/01/35
----------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.4% OF TOTAL
INVESTMENTS)
465 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 444,814
Settlement Pass-Through Bonds, Series 2001,
5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 944,960
Settlement Pass-Through Bonds, Series 2003,
5.750%, 6/01/33
425 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 404,409
Corporation, New York, Tobacco Settlement
Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds,
Series 2006:
2,390 4.750%, 6/01/22 6/16 at 100.00 BBB 2,302,120
930 5.000%, 6/01/26 6/16 at 100.00 BBB 857,135
----------------------------------------------------------------------------------------------------------------------
5,210 Total Consumer Staples 4,953,438
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.7% (11.0%
OF TOTAL INVESTMENTS)
655 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 607,231
Revenue Bonds, Albany Law School, Series
2007A, 5.000%, 7/01/31
275 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 221,051
Revenue Bonds, Brighter Choice Charter
Schools, Series 2007A, 5.000%, 4/01/37
1,285 Cattaraugus County Industrial Development Agency, 9/10 at 100.00 BBB- 1,288,855
New York, Revenue Bonds, St. Bonaventure
University, Series 1998B, 5.000%, 9/15/13
90 Cattaraugus County Industrial Development Agency, 5/16 at 100.00 BBB- 86,080
New York, Revenue Bonds, St. Bonaventure
University, Series 2006, 5.000%, 5/01/23
660 City of Yonkers, New York, Industrial Development 6/19 at 100.00 A 683,932
Agency Civic Facility Revenue Bonds, Series A,
Sarah Lawrence College Project, 6.000%,
6/01/41
850 Dormitory Authority of the State of New York, No Opt. Call AAA 927,087
Consolidated Revenue Bonds, City University
System, Series 1993B, 6.000%, 7/01/14 - AGM
Insured
2,815 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 2,540,087
General Revenue Bonds, Manhattan College,
Series 2007A, 5.000%, 7/01/41 - RAAI Insured
2,120 Dormitory Authority of the State of New York, No Opt. Call AA- 2,452,734
General Revenue Bonds, New York University,
Series 2001-1, 5.500%, 7/01/20 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call A 998,710
Housing Revenue Bonds, Fashion Institute of
Technology, Series 2007, 5.250%, 7/01/29 -
FGIC Insured
1,215 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 1,226,628
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - NPFG Insured
230 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 234,789
Revenue Bonds, Fashion Institute of
Technology, Series 2000, 5.375%, 7/01/20 - AGM
Insured
2,100 Dormitory Authority of the State of New York, 7/19 at 100.00 Baa2 2,087,253
Revenue Bonds, Marymount Manhattan College,
Series 2009, 5.250%, 7/01/29
2,500 Dormitory Authority of the State of New York, No Opt. Call AA- 2,912,775
Revenue Bonds, State University Educational
Facilities, Series 1993A, 5.875%, 5/15/17
2,800 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 2,351,216
New York, Civic Facility Revenue Bonds, Bard
College Project, Series 2007-A2, 4.500%,
8/01/36
635 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 641,687
New York, Revenue Bonds, Adelphi University,
Civic Facility Project, Series 2005, 5.000%,
10/01/35
Monroe County Industrial Development Agency,
New York, Civic Facility Revenue Bonds, St. John
Fisher College, Series 1999:
1,000 5.375%, 6/01/17 - RAAI Insured 6/10 at 101.00 N/R 1,008,980
2,365 5.375%, 6/01/24 - RAAI Insured 6/10 at 101.00 N/R 2,364,953
580 New York City Industrial Development Agency, 10/14 at 100.00 A- 553,987
New York, Civic Facility Revenue Bonds, St.
Francis College, Series 2004, 5.000%, 10/01/34
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
---------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 850 New York City Industrial Development Agency, 2/11 at 100.00 A- $ 855,100
New York, Civic Facility Revenue Bonds, YMCA of
Greater New York, Series 2002, 5.250%,
8/01/21
New York City Industrial Development Agency,
New York, PILOT Revenue Bonds, Queens Baseball
Stadium Project, Series 2006:
2,000 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 BB+ 1,747,100
2,300 4.750%, 1/01/42 - AMBAC Insured 1/17 at 100.00 BB+ 1,896,764
3,855 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 3,323,280
New York, PILOT Revenue Bonds, Yankee Stadium
Project, Series 2006, 4.500%, 3/01/39 - FGIC
Insured
5,000 New York State Dormitory Authority, Revenue 7/17 at 100.00 AA- 5,209,400
Bonds, New York University, Series 2007,
5.000%, 7/01/32 - AMBAC Insured
420 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 373,624
New York, Revenue Bonds, New York
Chiropractic College, Series 2007, 5.000%,
10/01/27
1,885 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,892,860
Corporation Revenue Bonds, Molloy College
Project, Series 2009, 5.750%, 7/01/39
----------------------------------------------------------------------------------------------------------------------
39,485 Total Education and Civic Organizations 38,486,163
----------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.2% (0.8% OF TOTAL INVESTMENTS)
1,000 Liberty Development Corporation, New York, No Opt. Call A1 1,012,680
Goldman Sachs Headquarter Revenue Bonds,
Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, No Opt. Call A1 1,826,408
Goldman Sachs Headquarters Revenue Bonds
Series 2007, 5.500%, 10/01/37
----------------------------------------------------------------------------------------------------------------------
2,740 Total Financials 2,839,088
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.1% (14.0% OF TOTAL INVESTMENTS)
50 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 49,358
FHA-Insured Mortgage Hospital Revenue Bonds,
New York and Presbyterian Hospital, Series
1998, 4.750%, 8/01/27 - AMBAC Insured
455 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 457,998
FHA-Insured Mortgage Hospital Revenue Bonds,
St. James Mercy Hospital, Series 1998,
5.250%, 2/01/18
1,235 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,254,513
FHA-Insured Mortgage Revenue Bonds,
Montefiore Hospital, Series 2004, 5.000%,
8/01/29 - FGIC Insured
1,700 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,725,313
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC
Insured
8,500 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 8,366,718
FHA-Insured Revenue Bonds, St. Lukes
Roosevelt Hospital, Series 2005, 4.900%,
8/15/31
3,750 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 3,801,413
Revenue Bonds, Catholic Health Services of
Long Island Obligated Group - St. Catherine
of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
8,000 Dormitory Authority of the State of New York, 7/10 at 100.50 A 8,063,598
Revenue Bonds, Catholic Health Services of
Long Island Obligated Group - St. Charles
Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - NPFG Insured
1,950 Dormitory Authority of the State of New York, 7/11 at 101.00 Ba1 1,795,677
Revenue Bonds, Lenox Hill Hospital Obligated
Group, Series 2001, 5.500%, 7/01/30
5,600 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 5,747,616
Revenue Bonds, Memorial Sloan Kettering
Cancer Center, Series 2006, 5.000%, 7/01/35
(UB)
3,400 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 3,447,124
Revenue Bonds, Mount Sinai NYU Health
Obligated Group, Series 2000A, 6.500%,
7/01/25
2,915 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 3,175,922
Revenue Bonds, New York and Presbyterian
Hospital, Series 2004A, 5.250%, 8/15/15 - AGM
Insured
1,800 Dormitory Authority of the State of New York, 11/16 at 100.00 Baa1 1,743,012
Revenue Bonds, North Shore Long Island Jewish
Obligated Group, Series 2005A, 5.000%,
11/01/34
1,250 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 1,260,975
Revenue Bonds, South Nassau Communities
Hospital, Series 2003B, 5.500%, 7/01/23
900 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 851,364
Revenue Bonds, Winthrop-South Nassau
University Hospital Association, Series
2003A, 5.500%, 7/01/32
Nuveen Investments 27
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
Madison County Industrial Development Agency,
New York, Civic Facility Revenue Bonds,
Oneida Health System, Series 2007A:
$ 710 5.250%, 2/01/27 No Opt. Call BBB- $ 629,216
625 5.500%, 2/01/32 No Opt. Call BBB- 559,938
New York City Health and Hospitals Corporation,
New York, Health System Revenue Bonds, Series
2003A:
1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,042,850
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,293,413
725 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 719,497
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2001B,
6.375%, 7/01/31
715 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 707,421
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2002C,
6.450%, 7/01/32
1,000 New York State Dormitory Authority, Revenue 7/17 at 100.00 BBB 898,930
Bonds, NYU Hospitals Center, Refunding Series
2007A, 5.000%, 7/01/36
1,100 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 1,078,385
Revenue Bonds, St. John's Riverside Hospital,
Series 2001A, 7.125%, 7/01/31
----------------------------------------------------------------------------------------------------------------------
48,630 Total Health Care 48,670,251
----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.5% (4.3% OF TOTAL
INVESTMENTS)
4,530 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 4,703,182
New York, Capital Fund Program Revenue Bonds,
Series 2005A, 5.000%, 7/01/25 - NPFG Insured
(UB)
New York City Housing Development Corporation,
New York, Multifamily Housing Revenue Bonds,
Series 2001A:
1,610 5.500%, 11/01/31 5/11 at 101.00 AA 1,630,898
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,023,760
New York City Housing Development Corporation,
New York, Multifamily Housing Revenue Bonds,
Series 2002A:
910 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 922,012
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 452,525
1,500 New York City Housing Development Corporation, 5/14 at 100.00 AA 1,535,025
New York, Multifamily Housing Revenue Bonds,
Series 2004A, 5.250%, 11/01/30
2,000 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 2,004,860
Affordable Housing Revenue Bonds, Series
2007B, 5.300%, 11/01/37 (Alternative Minimum
Tax)
690 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 691,677
Affordable Housing Revenue, Series 2007A,
5.250%, 11/01/38 (Alternative Minimum Tax)
1,100 New York State Housing Finance Agency, Secured 8/10 at 100.50 Aa1 1,111,891
Mortgage Program Multifamily Housing Revenue
Bonds, Series 1999I, 6.200%, 2/15/20
(Alternative Minimum Tax)
---------------------------------------------------------------------------------------------------------------------
14,790 Total Housing/Multifamily 15,075,830
---------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.1% (3.3% OF TOTAL
INVESTMENTS)
835 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 836,553
Mortgage Revenue Bonds, 2007 Series 145,
5.125%, 10/01/37 (Alternative Minimum Tax)
2,295 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 2,211,370
Mortgage Revenue Bonds, Series 130, 4.650%,
4/01/27 (Alternative Minimum Tax)
880 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 888,703
Mortgage Revenue Bonds, Series 148, 2007,
5.200%, 10/01/32 (Alternative Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner 9/10 at 100.00 Aa1 1,254,725
Mortgage Revenue Bonds, Series 73A, 5.250%,
10/01/17 (Alternative Minimum Tax)
245 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 245,108
Mortgage Revenue Bonds, Series 82, 5.650%,
4/01/30 (Alternative Minimum Tax)
4,565 New York State Mortgage Agency, Homeowner 4/11 at 100.00 Aa1 4,581,708
Mortgage Revenue Bonds, Series 97, 5.500%,
4/01/31 (Alternative Minimum Tax)
1,660 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 1,669,545
Bonds, Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
---------------------------------------------------------------------------------------------------------------------
11,730 Total Housing/Single Family 11,687,712
---------------------------------------------------------------------------------------------------------------------
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.4% (3.5% OF TOTAL
INVESTMENTS)
$ 1,100 Dormitory Authority of the State of New York, 2/17 at 103.00 A- $ 1,102,794
GNMA Collateralized Revenue Bonds, Cabrini of
Westchester Project, Series 2006, 5.200%,
2/15/41
645 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 636,589
Non-State Supported Debt, Ozanam Hall of
Queens Nursing Home Revenue Bonds, Series
2006, 5.000%, 11/01/31
1,375 Dormitory Authority of the State of New York, 7/10 at 102.00 BBB 1,379,524
Revenue Bonds, Miriam Osborn Memorial Home
Association, Series 2000B, 6.375%, 7/01/29 -
ACA Insured
Dormitory Authority of the State of New York,
Revenue Bonds, Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 N/R 35,193
425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 275,732
1,350 New York City Industrial Development Agency, 7/11 at 101.00 N/R 1,366,079
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series
2001A-1, 7.250%, 7/01/16
New York City Industrial Development Agency,
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series
2008A-1:
1,965 5.500%, 7/01/18 7/16 at 101.00 N/R 1,784,692
755 5.800%, 7/01/23 7/16 at 101.00 N/R 663,841
2,720 Oswego County Industrial Development Agency, 8/10 at 100.50 AA+ 2,735,069
New York, FHA-Insured Mortgage Assisted Civic
Facility Revenue Bonds, Bishop Commons Inc.,
Series 1999A, 5.375%, 2/01/49
340 Suffolk County Industrial Development Agency, 7/16 at 101.00 N/R 298,948
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2008-B1, 5.800%, 7/01/23
2,100 Syracuse Housing Authority, New York, 8/10 at 100.00 AAA 2,106,678
FHA-Insured Mortgage Revenue Bonds, Loretto
Rest Residential Healthcare Facility, Series
1997A, 5.600%, 8/01/17
----------------------------------------------------------------------------------------------------------------------
12,825 Total Long-Term Care 12,385,139
----------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
575 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 565,265
New York, Solid Waste Disposal Revenue Bonds,
International Paper Company Project, Series
2003A, 5.200%, 12/01/20 (Alternative Minimum
Tax)
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.1% (7.4% OF TOTAL
INVESTMENTS)
3,000 New York City, New York, General Obligation 9/15 at 100.00 AA 3,245,430
Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19
- SYNCORA GTY Insured
6,400 New York City, New York, General Obligation 6/16 at 100.00 AA 6,717,824
Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25
(UB)
400 New York City, New York, General Obligation 8/19 at 100.00 AA 423,840
Bonds, Fiscal Series 2009E, 5.000%, 8/01/28
1,800 New York City, New York, General Obligation 8/14 at 100.00 AA 2,008,980
Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
10,000 New York City, New York, General Obligation 12/17 at 100.00 AA 10,640,800
Bonds, Series 2007D-1, 5.125%, 12/01/26 (UB)
2,500 New York City, New York, General Obligation 11/14 at 100.00 AAA 2,686,725
Bonds, Series 2004E, 5.000%, 11/01/19 - AGM
Insured (UB)
----------------------------------------------------------------------------------------------------------------------
24,100 Total Tax Obligation/General 25,723,599
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 36.5% (24.2% OF TOTAL
INVESTMENTS)
2,400 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 2,602,320
Revenue Bonds, Series 2003A, 5.000%, 11/01/23
Dormitory Authority of the State of New York,
Lease Revenue Bonds, Nassau County Board of
Cooperative Educational Services, Series
2001A:
1,265 5.250%, 8/15/17 - AGM Insured 8/11 at 100.00 AAA 1,328,490
1,385 5.250%, 8/15/18 - AGM Insured 8/11 at 100.00 AAA 1,450,649
1,000 Dormitory Authority of the State of New York, 2/15 at 100.00 AA- 1,035,760
Revenue Bonds, Mental Health Services
Facilities Improvements, Series 2005D-1,
5.000%, 8/15/23 - FGIC Insured
690 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 737,224
State Personal Income Tax Revenue Bonds,
Series 2005F, 5.000%, 3/15/21 - AGM Insured
500 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 478,430
New York, Revenue Bonds, Series 2006A, 5.000%,
2/15/47
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
5,000 5.250%, 11/15/25 - AGM Insured 11/12 at 100.00 AAA 5,232,050
2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,525,550
Nuveen Investments 29
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York,
State Service Contract Refunding Bonds, Series
2002A:
$ 2,175 5.750%, 7/01/18 No Opt. Call AA- $ 2,537,333
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,033,180
1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 1,316,172
1,680 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 1,547,734
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
New York City Sales Tax Asset Receivable
Corporation, New York, Dedicated Revenue
Bonds, Local Government Assistance
Corporation, Series 2004A:
2,670 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,883,680
2,125 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,245,615
2,475 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,594,988
3,100 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 3,222,698
New York, Building Aid Revenue Bonds, Fiscal
Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
2,665 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 2,785,298
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.000%, 2/01/23 - FGIC Insured
3,640 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 3,890,687
New York, Future Tax Secured Bonds, Fiscal
Series 2007C-1, 5.000%, 11/01/27
2,400 New York City Transitional Finance Authority, 5/19 at 100.00 AAA 2,714,736
New York, Future Tax Secured Bonds, Tender
Option Bond Trust 3545, 13.352%, 5/01/38 (IF)
1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030
Corporation, Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
5,000 New York State Environmental Facilities 12/17 at 100.00 AAA 5,342,150
Corporation, State Personal Income Tax
Revenue Bonds, Series 2008A, 5.000%, 12/15/27
(UB)
2,030 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 2,105,394
Personal Income Tax Revenue Bonds, Economic
Development and Housing, Series 2006A,
5.000%, 3/15/36
1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010
Bridge Trust Fund Bonds, Second General,
Series 2005B, 5.000%, 4/01/21 - AMBAC Insured
5,600 New York State Thruway Authority, Highway and No Opt. Call AA 6,494,600
Bridge Trust Fund Bonds, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
2,800 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 2,961,308
Bridge Trust Fund Bonds, Series 2007, 5.000%,
4/01/27
4,285 New York State Thruway Authority, State Personal 3/12 at 100.00 AAA 4,576,851
Income Tax Revenue Bonds, Series 2002A,
5.125%, 3/15/21
6,700 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 7,123,505
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003A-1, 5.250%, 6/01/20 - AMBAC
Insured
3,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 3,198,540
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003B-1C, 5.500%, 6/01/21
3,595 New York State Urban Development Corporation, No Opt. Call AA- 3,723,270
Service Contract Revenue Bonds, Correctional
and Youth Facilities, Series 2002A, 5.500%,
1/01/17 (Mandatory put 1/01/11)
1,300 New York State Urban Development Corporation, 3/15 at 100.00 AAA 1,355,510
State Personal Income Tax Revenue Bonds,
Series 2005B, 5.000%, 3/15/30 - AGM Insured
1,950 Puerto Rico Sales Tax Financing Corporation, 2/20 at 100.00 A+ 2,031,023
Sales Tax Revenue Bonds, First Subordinate
Series 2010A, 5.500%, 8/01/42
----------------------------------------------------------------------------------------------------------------------
79,230 Total Tax Obligation/Limited 84,192,785
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.4% (7.6% OF TOTAL
INVESTMENTS)
660 Albany Parking Authority, New York, Revenue 10/11 at 101.00 BBB+ 693,403
Bonds, Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, No Opt. Call A 1,667,055
Transportation Revenue Bonds, Series 2003A,
5.000%, 11/15/15 - FGIC Insured
1,900 New York City Industrial Development Agency, 6/10 at 101.00 BB- 1,380,198
New York, Special Facilities Revenue Bonds,
British Airways PLC, Series 1998, 5.250%,
12/01/32 (Alternative Minimum Tax)
1,500 New York City Industrial Development Agency, 1/16 at 100.00 A3 1,519,020
New York, Special Facilities Revenue Bonds,
Terminal One Group JFK Project, Series 2005,
5.500%, 1/01/24 (Alternative Minimum Tax)
215 New York State Thruway Authority, General 1/15 at 100.00 A+ 219,629
Revenue Bonds, Series 2005F, 5.000%, 1/01/30
- AMBAC Insured
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 1,100 New York State Thruway Authority, General 7/15 at 100.00 AAA $ 1,131,603
Revenue Bonds, Series 2005G, 5.000%, 1/01/30
- AGM Insured (UB)
1,000 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 1,001,490
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A, 5.625%,
4/01/29 - NPFG Insured (Alternative Minimum
Tax)
Port Authority of New York and New
Jersey, Consolidated Revenue Bonds, One
Hundred Fortieth Series 2005:
2,300 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 2,434,964
1,080 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,126,872
770 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 906,228
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2007, Trust 2920, 17.440%,
8/15/32 - AGM Insured (IF)
2,040 Puerto Rico Ports Authority, Special Facilities 6/10 at 100.00 CCC+ 1,583,795
Revenue Bonds, American Airlines Inc., Series
1996A, 6.250%, 6/01/26 (Alternative Minimum
Tax)
2,000 Triborough Bridge and Tunnel Authority, 1/12 at 100.00 Aa2 2,112,920
New York, General Purpose Revenue Bonds,
Series 2001A, 5.000%, 1/01/19
5,750 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 6,119,436
New York, General Purpose Revenue Refunding
Bonds, Series 2002B, 5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa3 2,567,256
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Series 2002E,
5.250%, 11/15/22 - NPFG Insured
1,750 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 1,924,808
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Tender Option Bond
Trust 1184, 9.185%, 11/15/33 (IF)
----------------------------------------------------------------------------------------------------------------------
25,965 Total Transportation 26,388,677
----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.9% (9.9% OF TOTAL
INVESTMENTS) (4)
1,520 Dormitory Authority of the State of New York, 2/13 at 102.00 Aaa 1,723,330
FHA-Insured Nursing Home Mortgage Revenue
Bonds, Shorefront Jewish Geriatric Center
Inc., Series 2002, 5.200%, 2/01/32
(Pre-refunded 2/01/13)
Dormitory Authority of the State of New York,
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 2000D:
25 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525
Insured
10 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209
Insured
155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 158,257
Insured
20 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 20,420
Insured
10 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209
Insured
155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 158,257
Insured
25 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525
Insured
15 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 15,313
Insured
180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 183,782
Insured
1,000 Dormitory Authority of the State of New York, 7/12 at 100.00 AAA 1,100,740
Revenue Bonds, Columbia University, Series
2002B, 5.375%, 7/01/19 (Pre-refunded 7/01/12)
350 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 357,998
Revenue Bonds, Fashion Institute of
Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - AGM Insured
705 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 723,605
Corporation, New York, Senior Tobacco
Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
5,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 5,681,450
Dedicated Tax Fund Bonds, Series 1998A,
4.500%, 4/01/18 (Pre-refunded 10/01/15) -
FGIC Insured
455 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 463,504
New York, Tobacco Settlement Asset-Backed
Bonds, Series 2000, 6.150%, 6/01/25
(Pre-refunded 6/01/10)
925 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 958,420
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series 2000,
8.125%, 7/01/19 (Pre-refunded 7/01/10)
2,215 New York State Thruway Authority, State Personal 3/12 at 100.00 Aa3 (4) 2,387,327
Income Tax Revenue Bonds, Series 2002A,
5.125%, 3/15/21 (ETM)
2,950 New York State Urban Development Corporation, 3/13 at 100.00 AAA 3,283,026
State Personal Income Tax Revenue Bonds,
Series 2003B, 5.000%, 3/15/22 (Pre-refunded
3/15/13)
1,600 Triborough Bridge and Tunnel Authority, 3/12 at 100.00 AAA 1,837,344
New York, General Purpose Revenue Bonds,
Series 1993B, 5.000%, 1/01/20 (ETM)
7,500 Triborough Bridge and Tunnel Authority, 1/22 at 100.00 AAA 9,059,246
New York, General Purpose Revenue Bonds, Series
1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22)
Nuveen Investments 31
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,480 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB+ (4) $ 3,618,574
Receipts Taxes Loan Note, Series 1999A,
6.500%, 10/01/24 (Pre-refunded 10/01/10)
2,520 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 2,642,825
Revenue Bonds, Community Development
Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
----------------------------------------------------------------------------------------------------------------------
30,815 Total U.S. Guaranteed 34,444,886
----------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.2% (6.1% OF TOTAL INVESTMENTS)
2,200 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 2,238,412
New York, Exempt Facility Revenue Bonds, NRG
Dunkirk Power Project, Series 2009, 5.875%,
4/01/42
Long Island Power Authority, New York, Electric
System General Revenue Bonds, Series 2006A:
3,100 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 3,228,371
3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 3,214,576
2,300 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 2,209,311
New York, Keyspan Glenwood Energy Project,
Series 2003, 5.250%, 6/01/27 (Alternative
Minimum Tax)
2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 2,023,360
New York, Solid Waste Disposal Facility
Revenue Refunding Bonds, American Ref-Fuel
Company of Niagara LP, Series 2001D, 5.550%,
11/15/24 (Mandatory put 11/15/15)
4,000 Power Authority of the State of New York, 11/10 at 100.00 Aa2 4,020,680
General Revenue Bonds, Series 2000A, 5.250%,
11/15/40
820 Power Authority of the State of New York, 11/15 at 100.00 Aa2 884,854
General Revenue Bonds, Series 2006A, 5.000%,
11/15/19 - FGIC Insured
4,000 Suffolk County Industrial Development Agency, 7/10 at 100.50 N/R 3,348,560
New York, Revenue Bonds, Nissequogue
Cogeneration Partners Facility, Series 1998,
5.500%, 1/01/23 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
21,520 Total Utilities 21,168,124
----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.6% OF TOTAL
INVESTMENTS)
2,495 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 2,546,372
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 -
MBIA Insured
2,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AAA 2,133,780
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2001D, 5.500%, 6/15/17
2,225 New York City Municipal Water Finance Authority, 6/12 at 100.00 AAA 2,396,125
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2003A, 5.375%, 6/15/19
3,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 3,224,160
New York, Water and Sewerage System Revenue
Bonds, Second Generation Resolution, Fiscal
2010 Series 2009BB, 5.000%, 6/15/27
New York State Environmental Facilities
Corporation, State Clean Water and Drinking
Water Revolving Funds Revenue Bonds, Pooled Loan
Issue, Series 2002F:
1,345 5.250%, 11/15/19 11/12 at 100.00 AAA 1,472,264
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,444,158
----------------------------------------------------------------------------------------------------------------------
15,125 Total Water and Sewer 16,216,859
----------------------------------------------------------------------------------------------------------------------
$ 333,425 Total Long-Term Investments (cost $335,420,383) 343,394,184
- 148.7% (98.5% of Total Investments)
===============-------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.2% (1.5% OF TOTAL
INVESTMENTS)
MUNICIPAL BONDS - 0.6% (0.4% OF TOTAL
INVESTMENTS)
TAX OBLIGATION/LIMITED - 0.6% (0.4% OF TOTAL
INVESTMENTS)
$ 1,495 Metropolitan Transportation Authority, New York, 5/10 at 100.00 A-1 $ 1,495,000
Dedicated Tax Fund Bonds, Variable Rate Demand
Revenue Obligations, Series 2008A, 0.310%,
11/01/31 - AGM Insured (5)
----------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSITS - 1.6% (1.1% OF TOTAL
INVESTMENTS)
3,614 State Street Bank Euro Dollar Time Deposit, N/A N/A 3,613,851
0.010%, 4/01/10
----------------------------------------------------------------------------------------------------------------------
$ 5,109 Total Short-Term Investments (cost $5,108,851) 5,108,851
===============-------------------------------------------------------------------------------------------------------
Total Investments (cost $340,529,234) - 150.9% 348,503,035
----------------------------------------------------------------------------------------------------
Floating Rate Obligations - (15.0)% (34,645,000)
----------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at (89,000,000)
Liquidation Value - (38.5)% (6)
----------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 6,028,162
----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 230,886,197
====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) 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. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Variable Rate Demand Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 25.5%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 33
NAN | Nuveen New York Dividend Advantage Municipal Fund
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.8% (1.9% OF TOTAL
INVESTMENTS)
$ 950 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 827,080
New York, Liberty Revenue Bonds,
IAC/InterActiveCorp, Series 2005, 5.000%,
9/01/35
3,600 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 2,999,772
Authority, New York, Special Obligation Bonds,
Series 2007A, 5.000%, 12/01/23
----------------------------------------------------------------------------------------------------------------------
4,550 Total Consumer Discretionary 3,826,852
----------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.3% (1.5% OF TOTAL
INVESTMENTS)
305 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 291,760
Settlement Pass-Through Bonds, Series 2001,
5.250%, 6/01/25
785 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 761,505
Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
240 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 228,372
Corporation, New York, Tobacco Settlement
Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds,
Series 2006:
805 4.750%, 6/01/22 6/16 at 100.00 BBB 775,400
1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,036,856
----------------------------------------------------------------------------------------------------------------------
3,260 Total Consumer Staples 3,093,893
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.0% (10.0%
OF TOTAL INVESTMENTS)
380 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 352,287
Revenue Bonds, Albany Law School, Series
2007A, 5.000%, 7/01/31
160 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 128,611
Revenue Bonds, Brighter Choice Charter
Schools, Series 2007A, 5.000%, 4/01/37
1,725 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,785,824
New York, Payment in Lieu of Taxes Revenue
Bonds, Barclays Center Project, Series 2009,
6.250%, 7/15/40
120 Cattaraugus County Industrial Development Agency, 5/16 at 100.00 BBB- 114,773
New York, Revenue Bonds, St. Bonaventure
University, Series 2006, 5.000%, 5/01/23
1,635 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,475,326
General Revenue Bonds, Manhattan College,
Series 2007A, 5.000%, 7/01/41 - RAAI Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call AA- 1,109,410
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2003B, 5.250%,
7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY
Insured
705 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 711,747
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - NPFG Insured
195 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 199,060
Revenue Bonds, Fashion Institute of
Technology, Series 2000, 5.375%, 7/01/20 - AGM
Insured
1,630 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 1,368,744
New York, Civic Facility Revenue Bonds, Bard
College Project, Series 2007-A2, 4.500%,
8/01/36
370 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 373,896
New York, Revenue Bonds, Adelphi University,
Civic Facility Project, Series 2005, 5.000%,
10/01/35
3,070 Monroe County Industrial Development Agency, 6/10 at 101.00 N/R 3,069,939
New York, Civic Facility Revenue Bonds,
St. John Fisher College, Series 1999, 5.375%,
6/01/24 - RAAI Insured
330 New York City Industrial Development Agency, 10/14 at 100.00 A- 315,200
New York, Civic Facility Revenue Bonds, St.
Francis College, Series 2004, 5.000%, 10/01/34
1,800 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,810,800
New York, Civic Facility Revenue Bonds, YMCA of
Greater New York, Series 2002, 5.250%, 8/01/21
New York City Industrial Development Agency,
New York, PILOT Revenue Bonds, Queens Baseball
Stadium Project, Series 2006:
160 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 BB+ 141,232
1,000 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 BB+ 873,550
1,630 4.750%, 1/01/42 - AMBAC Insured 1/17 at 100.00 BB+ 1,344,228
2,240 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,931,037
New York, PILOT Revenue Bonds, Yankee Stadium
Project, Series 2006, 4.500%, 3/01/39 - FGIC
Insured
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,500 Niagara County Industrial Development Agency, 11/11 at 101.00 BBB $ 1,514,670
New York, Civic Facility Revenue Bonds,
Niagara University, Series 2001A, 5.350%,
11/01/23 - RAAI Insured
245 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 217,947
New York, Revenue Bonds, New York
Chiropractic College, Series 2007, 5.000%,
10/01/27
1,085 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,089,524
Corporation Revenue Bonds, Molloy College
Project, Series 2009, 5.750%, 7/01/39
250 Town of Hempstead, New York, Local Development 2/19 at 100.00 A 257,280
Corporation Revenue Refunding Bonds,
Series 2009A, and Revenue Bonds, Series 2009B,
Adelphi University Project, 5.250%, 2/01/39
----------------------------------------------------------------------------------------------------------------------
21,230 Total Education and Civic Organizations 20,185,085
----------------------------------------------------------------------------------------------------------------------
FINANCIALS - 2.2% (1.4% OF TOTAL INVESTMENTS)
1,100 Liberty Development Corporation, New York, No Opt. Call A1 1,113,948
Goldman Sachs Headquarter Revenue Bonds,
Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, No Opt. Call A1 1,826,408
Goldman Sachs Headquarters Revenue Bonds
Series 2007, 5.500%, 10/01/37
----------------------------------------------------------------------------------------------------------------------
2,840 Total Financials 2,940,356
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 32.2% (21.5% OF TOTAL INVESTMENTS)
Albany Industrial Development Agency, New York,
Revenue Bonds, Albany Medical Center, Series
1999:
1,120 6.000%, 5/01/19 5/10 at 100.50 N/R 1,116,830
1,460 6.000%, 5/01/29 5/10 at 100.50 N/R 1,330,863
1,880 Dormitory Authority of the State of New York, 8/10 at 100.50 A 1,891,938
FHA-Insured Mortgage Hospital Revenue Bonds,
Memorial Hospital of William F. and Gertrude
F. Jones Inc., Series 1999, 5.250%, 8/01/19 -
NPFG Insured
4,825 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 4,877,203
FHA-Insured Mortgage Hospital Revenue Bonds,
Montefiore Medical Center, Series 1999,
5.450%, 8/01/29 - AMBAC Insured
625 Dormitory Authority of the State of New York, 2/15 at 100.00 A 634,875
FHA-Insured Mortgage Revenue Bonds,
Montefiore Hospital, Series 2004, 5.000%,
8/01/29 - FGIC Insured
3,600 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 3,543,552
FHA-Insured Revenue Bonds, St. Lukes
Roosevelt Hospital, Series 2005, 4.900%,
8/15/31
Dormitory Authority of the State of New York,
Insured Revenue Bonds, Franciscan Health
Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997:
2,000 5.500%, 7/01/17 - RAAI Insured 7/10 at 100.00 A3 2,000,840
2,000 5.500%, 7/01/27 - RAAI Insured 7/10 at 100.00 A3 1,960,540
2,000 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 2,027,420
Revenue Bonds, Catholic Health Services of
Long Island Obligated Group - St. Catherine
of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
Dormitory Authority of the State of New York,
Revenue Bonds, Lenox Hill Hospital Obligated
Group, Series 2001:
1,165 5.375%, 7/01/20 7/11 at 101.00 Ba1 1,118,342
500 5.500%, 7/01/30 7/11 at 101.00 Ba1 460,430
3,150 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 3,233,034
Revenue Bonds, Memorial Sloan Kettering
Cancer Center, Series 2006, 5.000%, 7/01/35
(UB)
1,575 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 1,596,830
Revenue Bonds, Mount Sinai NYU Health
Obligated Group, Series 2000A, 6.500%,
7/01/25
250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 250,128
Revenue Bonds, Mount Sinai NYU Health, Series
2000C, 5.500%, 7/01/26
1,410 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 1,536,209
Revenue Bonds, New York and Presbyterian
Hospital, Series 2004A, 5.250%, 8/15/15 - AGM
Insured
1,000 Dormitory Authority of the State of New York, 11/16 at 100.00 Baa1 968,340
Revenue Bonds, North Shore Long Island Jewish
Obligated Group, Series 2005A, 5.000%,
11/01/34
2,000 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 1,971,020
Revenue Bonds, NYU Hospitals Center, Series
2007B, 5.625%, 7/01/37
500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 504,390
Revenue Bonds, South Nassau Communities
Hospital, Series 2003B, 5.500%, 7/01/23
600 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 567,576
Revenue Bonds, Winthrop-South Nassau
University Hospital Association, Series
2003A, 5.500%, 7/01/32
Nuveen Investments 35
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 420 Livingston County Industrial Development Agency, 7/10 at 100.00 BB $ 382,864
New York, Civic Facility Revenue Bonds,
Nicholas H. Noyes Hospital, Series 2005,
6.000%, 7/01/30
Madison County Industrial Development Agency,
New York, Civic Facility Revenue Bonds,
Oneida Health System, Series 2007A:
410 5.250%, 2/01/27 No Opt. Call BBB- 363,350
360 5.500%, 2/01/32 No Opt. Call BBB- 322,524
1,750 New York City Health and Hospitals Corporation, 2/13 at 100.00 A+ 1,810,778
New York, Health System Revenue Bonds, Series
2003A, 5.250%, 2/15/22 - AMBAC Insured
565 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 560,712
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2001B,
6.375%, 7/01/31
100 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 98,940
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2002C,
6.450%, 7/01/32
4,000 Ulster County Industrial Development Agency, 5/10 at 101.00 A2 4,043,319
New York, Civic Facility Revenue Bonds,
Kingston Hospital, Series 1999, 5.650%,
11/15/24
3,075 Yates County Industrial Development Agency, 8/10 at 100.50 AAA 3,257,378
New York, FHA-Insured Civic Facility Mortgage
Revenue Bonds, Soldiers and Sailors Memorial
Hospital, Series 1999A, 5.650%, 2/01/39
950 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 931,333
Revenue Bonds, St. John's Riverside Hospital,
Series 2001A, 7.125%, 7/01/31
----------------------------------------------------------------------------------------------------------------------
43,290 Total Health Care 43,361,558
----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 12.9% (8.6% OF TOTAL
INVESTMENTS)
Kenmore Housing Authority, New York, Revenue
Bonds, State University of New York at Buffalo
Student Apartment Project, Series 1999A:
3,050 5.500%, 8/01/19 - RAAI Insured 8/10 at 101.00 A3 3,082,940
2,750 5.500%, 8/01/24 - RAAI Insured 8/10 at 101.00 A3 2,763,448
2,585 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 2,683,825
New York, Capital Fund Program Revenue Bonds,
Series 2005A, 5.000%, 7/01/25 - NPFG Insured
(UB)
3,000 New York City Housing Development Corporation, 5/11 at 101.00 AA 3,038,940
New York, Multifamily Housing Revenue Bonds,
Series 2001A, 5.500%, 11/01/31
750 New York City Housing Development Corporation, 5/14 at 100.00 AA 767,513
New York, Multifamily Housing Revenue Bonds,
Series 2004A, 5.250%, 11/01/30
4,000 New York City Housing Development Corporation, 5/19 at 100.00 AA 4,008,599
New York, Multifamily Housing Revenue Bonds,
Series 2009J, 4.800%, 5/01/36
600 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 590,004
Affordable Housing Revenue Bonds, Series
2009B, 4.500%, 11/01/29
405 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 405,984
Affordable Housing Revenue, Series 2007A,
5.250%, 11/01/38 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
17,140 Total Housing/Multifamily 17,341,253
----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.9% (2.6% OF TOTAL
INVESTMENTS)
645 Guam Housing Corporation, Mortgage-Backed No Opt. Call AAA 704,540
Securities Program Single Family Mortgage
Revenue Bonds, Series 1998A, 5.750%, 9/01/31
(Alternative Minimum Tax)
485 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 485,902
Mortgage Revenue Bonds, 2007 Series 145,
5.125%, 10/01/37 (Alternative Minimum Tax)
1,350 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 1,300,806
Mortgage Revenue Bonds, Series 130, 4.650%,
4/01/27 (Alternative Minimum Tax)
510 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 515,044
Mortgage Revenue Bonds, Series 148, 2007,
5.200%, 10/01/32 (Alternative Minimum Tax)
1,390 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 1,390,612
Mortgage Revenue Bonds, Series 82, 5.650%,
4/01/30 (Alternative Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 844,830
Bonds, Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
5,220 Total Housing/Single Family 5,241,734
----------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.6% (3.8% OF TOTAL INVESTMENTS)
$ 2,000 Dormitory Authority of the State of New York, 2/15 at 100.00 AA $ 2,011,080
FHA-Insured Nursing Home Mortgage Revenue
Bonds, Gurwin Jewish Geriatric Center of Long
Island, Series 2005A, 4.900%, 2/15/41
600 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 601,524
GNMA Collateralized Revenue Bonds, Cabrini of
Westchester Project, Series 2006, 5.200%,
2/15/41
375 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 370,110
Non-State Supported Debt, Ozanam Hall of
Queens Nursing Home Revenue Bonds, Series
2006, 5.000%, 11/01/31
250 Dormitory Authority of the State of New York, 7/15 at 100.00 N/R 162,195
Revenue Bonds, Providence Rest, Series 2005,
5.000%, 7/01/35 - ACA Insured
905 East Rochester Housing Authority, New York, 8/16 at 101.00 N/R 756,254
Senior Living Revenue Bonds, Woodland Village
Project, Series 2006, 5.500%, 8/01/33
750 New York City Industrial Development Agency, 7/11 at 101.00 N/R 758,933
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2001A-1, 7.250%, 7/01/16
New York City Industrial Development Agency,
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series 2008A-1:
1,140 5.500%, 7/01/18 7/16 at 101.00 N/R 1,035,394
635 5.800%, 7/01/23 7/16 at 101.00 N/R 558,330
1,330 Yonkers Industrial Development Agency, New York, 8/10 at 100.50 A 1,337,621
FHA-Insured Mortgage Revenue Bonds, Michael
Malotz Skilled Nursing Pavilion, Series 1999,
5.450%, 2/01/29 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------
7,985 Total Long-Term Care 7,591,441
----------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
330 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 324,413
New York, Solid Waste Disposal Revenue Bonds,
International Paper Company Project, Series
2003A, 5.200%, 12/01/20 (Alternative Minimum
Tax)
---------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.8% (7.9% OF TOTAL
INVESTMENTS)
3,700 New York City, New York, General Obligation 8/16 at 100.00 AA 3,888,107
Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
6,590 New York City, New York, General Obligation 12/17 at 100.00 AA 7,039,109
Bonds, Fiscal Series 2007D-1, 5.125%,
12/01/25 (UB)
2,000 New York City, New York, General Obligation 8/19 at 100.00 AA 2,156,020
Bonds, Fiscal Series 2009C, 5.000%, 8/01/23
1,000 New York City, New York, General Obligation 8/14 at 100.00 AA 1,116,100
Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
Rochester, New York, General Obligation
Bonds, Series 1999:
720 5.250%, 10/01/18 - NPFG Insured No Opt. Call A 817,445
720 5.250%, 10/01/19 - NPFG Insured No Opt. Call A 815,494
----------------------------------------------------------------------------------------------------------------------
14,730 Total Tax Obligation/General 15,832,275
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 31.4% (21.0% OF TOTAL
INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150
Revenue Bonds, Series 2003A, 5.250%, 11/01/21
590 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 613,240
Department of Health Revenue Bonds, Series
2005A, 5.250%, 7/01/24 - CIFG Insured
1,850 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 1,851,536
Secured Hospital Revenue Refunding Bonds,
Wyckoff Heights Medical Center, Series 1998H,
5.300%, 8/15/21 - NPFG Insured
185 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 197,661
State Personal Income Tax Revenue Bonds,
Series 2005F, 5.000%, 3/15/21 - AGM Insured
550 Erie County Industrial Development Agency, 5/14 at 100.00 AAA 581,873
New York, School Facility Revenue Bonds, Buffalo
City School District, Series 2004, 5.750%,
5/01/26 - AGM Insured (UB)
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - AGM Insured 11/12 at 100.00 AAA 2,092,820
2,000 5.000%, 11/15/30 11/12 at 100.00 AA 2,020,440
1,000 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 1,016,590
State Service Contract Refunding Bonds,
Series 2002A, 5.125%, 1/01/29
1,130 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 1,041,035
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
Nuveen Investments 37
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable
Corporation, New York, Dedicated Revenue
Bonds, Local Government Assistance
Corporation, Series 2004A:
$ 1,100 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA $ 1,188,033
810 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 855,976
2,375 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,490,140
2,100 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 2,183,118
New York, Building Aid Revenue Bonds, Fiscal
Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,670 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,745,384
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.000%, 2/01/23 - FGIC Insured
2,115 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 2,260,660
New York, Future Tax Secured Bonds, Fiscal
Series 2007C-1, 5.000%, 11/01/27
1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030
Corporation, Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
2,920 New York State Environmental Facilities 12/17 at 100.00 AAA 3,133,861
Corporation, State Personal Income Tax
Revenue Bonds, Series 2008A, 5.000%, 12/15/26
(UB)
1,190 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 1,234,197
Personal Income Tax Revenue Bonds, Economic
Development and Housing, Series 2006A,
5.000%, 3/15/36
1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010
Bridge Trust Fund Bonds, Second General,
Series 2005B, 5.000%, 4/01/21 - AMBAC Insured
3,400 New York State Thruway Authority, Highway and No Opt. Call AA 3,943,150
Bridge Trust Fund Bonds, Series 2005B,
5.000%, 4/01/20 - AMBAC Insured (UB)
1,625 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,718,616
Bridge Trust Fund Bonds, Series 2007, 5.000%,
4/01/27
New York State Tobacco Settlement Financing
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003A-1:
4,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 4,252,839
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 2,108,440
1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003B-1C, 5.500%, 6/01/21
1,330 New York State Urban Development Corporation, 3/17 at 100.00 AAA 1,474,438
State Personal Income Tax Revenue Bonds,
Tender Option Bond Trust 09-6W, 12.752%,
3/15/37 (IF)
----------------------------------------------------------------------------------------------------------------------
39,940 Total Tax Obligation/Limited 42,310,417
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.3% (8.9% OF TOTAL
INVESTMENTS)
310 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 314,315
Bonds, Series 2001A, 5.625%, 7/15/25
3,000 Metropolitan Transportation Authority, New York, 11/17 at 100.00 A 3,041,580
Transportation Revenue Bonds, Series 2007B,
5.000%, 11/15/33
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 1,039,600
Transportation Revenue Refunding Bonds,
Series 2002A, 5.125%, 11/15/22 - FGIC Insured
1,750 New York City Industrial Development Agency, 8/16 at 101.00 B- 1,771,613
New York, American Airlines-JFK International
Airport Special Facility Revenue Bonds,
Series 2005, 7.750%, 8/01/31 (Alternative
Minimum Tax)
200 New York City Industrial Development Agency, 10/17 at 100.00 N/R 156,630
New York, Civic Facility Revenue Bonds, Bronx
Parking Development Company, LLC Project,
Series 2007, 5.750%, 10/01/37
105 New York City Industrial Development Agency, 6/10 at 101.00 BB- 76,274
New York, Special Facilities Revenue Bonds,
British Airways PLC, Series 1998, 5.250%,
12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760
New York, Special Facilities Revenue Bonds,
JFK Airport - American Airlines Inc., Series
2002B, 8.500%, 8/01/28 (Alternative Minimum
Tax)
500 New York City Industrial Development Agency, 1/16 at 100.00 A3 506,340
New York, Special Facilities Revenue Bonds,
Terminal One Group JFK Project, Series 2005,
5.500%, 1/01/24 (Alternative Minimum Tax)
New York City Industrial Development Authority,
New York, JetBlue,:
450 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B- 393,179
1,000 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B- 782,920
160 New York State Thruway Authority, General 1/15 at 100.00 A+ 163,445
Revenue Bonds, Series 2005F, 5.000%, 1/01/30
- AMBAC Insured
700 New York State Thruway Authority, General 7/15 at 100.00 AAA 720,111
Revenue Bonds, Series 2005G, 5.000%, 1/01/30
- AGM Insured (UB)
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A $ 500,745
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A, 5.625%,
4/01/29 - NPFG Insured (Alternative Minimum
Tax)
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, One Hundred
Fortieth Series 2005:
1,300 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,376,284
615 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 641,691
440 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 517,845
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2007, Trust 2920, 17.440%,
8/15/32 - AGM Insured (IF)
1,000 Triborough Bridge and Tunnel Authority, 1/12 at 100.00 Aa2 1,066,480
New York, General Purpose Revenue Bonds,
Series 2001A, 5.250%, 1/01/16
2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,625
New York, General Purpose Revenue Refunding
Bonds, Series 2002B, 5.000%, 11/15/21
1,000 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 1,099,890
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Tender Option Bond
Trust 1184, 9.185%, 11/15/33 (IF)
----------------------------------------------------------------------------------------------------------------------
17,530 Total Transportation 17,858,327
----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 5.1% (3.4% OF TOTAL
INVESTMENTS) (4)
390 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 419,312
Bonds, Series 2001A, 5.625%, 7/15/25
(Pre-refunded 7/15/11)
Dormitory Authority of the State of New York,
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 2000D:
25 5.875%, 8/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525
Insured
10 5.875%, 8/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209
Insured
305 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 311,969
Revenue Bonds, Fashion Institute of
Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - AGM Insured
425 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 436,216
Corporation, New York, Senior Tobacco
Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
535 Metropolitan Transportation Authority, New York, 5/10 at 100.00 N/R (4) 536,921
Commuter Facilities Revenue Bonds, Series
1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM)
1,050 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 1,069,625
New York, Tobacco Settlement Asset-Backed
Bonds, Series 2000, 6.150%, 6/01/25
(Pre-refunded 6/01/10)
455 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 471,439
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series 2000,
8.125%, 7/01/19 (Pre-refunded 7/01/10)
750 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB+ (4) 779,865
Receipts Taxes Loan Note, Series 1999A,
6.500%, 10/01/24 (Pre-refunded 10/01/10)
1,250 Westchester Tobacco Asset Securitization 7/10 at 101.00 AAA 1,285,538
Corporation, New York, Tobacco Settlement
Asset-Backed Bonds, Series 1999, 6.750%,
7/15/29 (Pre-refunded 7/15/10)
1,400 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 1,468,236
Revenue Bonds, Community Development
Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
----------------------------------------------------------------------------------------------------------------------
6,595 Total U.S. Guaranteed 6,814,855
----------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.4% (4.3% OF TOTAL INVESTMENTS)
1,300 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 1,322,698
New York, Exempt Facility Revenue Bonds, NRG
Dunkirk Power Project, Series 2009, 5.875%,
4/01/42
Long Island Power Authority, New York, Electric
System General Revenue Bonds, Series 2006A:
2,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 2,603,525
500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 518,480
1,400 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 1,344,798
New York, Keyspan Glenwood Energy Project,
Series 2003, 5.250%, 6/01/27 (Alternative
Minimum Tax)
250 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 257,420
New York, Solid Waste Disposal Facility
Revenue Bonds, American Ref-Fuel Company of
Niagara LP, Series 2001C, 5.625%, 11/15/24
(Mandatory put 11/15/14) (Alternative Minimum
Tax)
Nuveen Investments 39
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 600 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 $ 617,838
New York, Solid Waste Disposal Facility
Revenue Refunding Bonds, American Ref-Fuel
Company of Niagara LP, Series 2001B, 5.550%,
11/15/24 (Mandatory put 11/15/13)
(Alternative Minimum Tax)
2,000 Power Authority of the State of New York, 11/10 at 100.00 Aa2 2,012,900
General Revenue Bonds, Series 2000A, 5.250%,
11/15/30
----------------------------------------------------------------------------------------------------------------------
8,550 Total Utilities 8,677,659
----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.5% (1.7% OF TOTAL
INVESTMENTS)
1,130 New York City Municipal Water Finance Authority, 6/12 at 100.00 AAA 1,216,908
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2003A, 5.375%, 6/15/19
2,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 2,149,440
New York, Water and Sewerage System Revenue
Bonds, Second Generation Resolution, Fiscal
2010 Series 2009BB, 5.000%, 6/15/27
----------------------------------------------------------------------------------------------------------------------
3,130 Total Water and Sewer 3,366,348
----------------------------------------------------------------------------------------------------------------------
$ 196,320 Total Long-Term Investments (cost $197,408,998) 198,766,466
- 147.6% (98.7% of Total Investments)
===============-------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.0% (1.3% OF TOTAL
INVESTMENTS)
$ 2,642 State Street Bank Euro Dollar Time Deposit, N/A N/A 2,642,422
0.010%, 4/01/10
===============-------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $2,642,422) 2,642,422
----------------------------------------------------------------------------------------------------
Total Investments (cost $200,051,420) - 149.6% 201,408,888
----------------------------------------------------------------------------------------------------
Floating Rate Obligations - (13.2)% (17,735,000)
----------------------------------------------------------------------------------------------------
MuniFund Term Preferred Shares, at Liquidation (30,000,000)
Value - (22.3)% (5)
----------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 2,868,667
----------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation (21,900,000)
Value - (16.3)% (5)
----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 134,642,555
====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) 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. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at
Liquidation Value as a percentage of Total Investments are 14.9% and
10.9%, respectively.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
40 Nuveen Investments
NXK | Nuveen New York Dividend Advantage Municipal Fund 2
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.4% (1.6% OF TOTAL
INVESTMENTS)
$ 700 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 609,427
New York, Liberty Revenue Bonds,
IAC/InterActiveCorp, Series 2005, 5.000%,
9/01/35
1,950 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 1,624,877
Authority, New York, Special Obligation
Bonds, Series 2007A, 5.000%, 12/01/23
----------------------------------------------------------------------------------------------------------------------
2,650 Total Consumer Discretionary 2,234,304
----------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.4% (1.6% OF TOTAL
INVESTMENTS)
300 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 286,977
Settlement Pass-Through Bonds, Series 2001,
5.250%, 6/01/25
500 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 472,480
Settlement Pass-Through Bonds, Series 2003,
5.750%, 6/01/33
150 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 142,733
Corporation, New York, Tobacco Settlement
Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed
Bonds, Series 2006:
600 4.750%, 6/01/22 6/16 at 100.00 BBB 577,938
835 5.000%, 6/01/26 6/16 at 100.00 BBB 769,578
----------------------------------------------------------------------------------------------------------------------
2,385 Total Consumer Staples 2,249,706
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.6% (12.5%
OF TOTAL INVESTMENTS)
260 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 241,038
Revenue Bonds, Albany Law School, Series
2007A, 5.000%, 7/01/31
110 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 88,420
Revenue Bonds, Brighter Choice Charter
Schools, Series 2007A, 5.000%, 4/01/37
1,225 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,268,194
New York, Payment in Lieu of Taxes Revenue
Bonds, Barclays Center Project, Series 2009,
6.250%, 7/15/40
90 Cattaraugus County Industrial Development 5/16 at 100.00 BBB- 86,080
Agency, New York, Revenue Bonds, St.
Bonaventure University, Series 2006, 5.000%,
5/01/23
340 City of Yonkers, New York, Industrial 6/19 at 100.00 A 352,328
Development Agency Civic Facility Revenue
Bonds, Series A, Sarah Lawrence College
Project, 6.000%, 6/01/41
1,125 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,015,133
General Revenue Bonds, Manhattan College,
Series 2007A, 5.000%, 7/01/41 - RAAI Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call A 998,710
Housing Revenue Bonds, Fashion Institute of
Technology, Series 2007, 5.250%, 7/01/29 -
FGIC Insured
2,000 Dormitory Authority of the State of New York, 7/10 at 100.00 A 2,015,940
Insured Revenue Bonds, New York Medical
College, Series 1998, 5.000%, 7/01/21 - NPFG
Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call AA- 1,109,410
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2003B, 5.250%,
7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY
Insured
485 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 489,641
Lease Revenue Bonds, State University
Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - NPFG Insured
1,000 Dormitory Authority of the State of New York, 7/11 at 101.00 A 996,210
Revenue Bonds, Canisius College, Series 2000,
5.250%, 7/01/30 - NPFG Insured
1,265 Dormitory Authority of the State of New York, 7/10 at 100.00 AA- 1,276,360
Third General Resolution Consolidated Revenue
Bonds, City University System, Series 1998-1,
5.250%, 7/01/25 - FGIC Insured
120 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 100,766
New York, Civic Facility Revenue Bonds, Bard
College Project, Series 2007-A2, 4.500%,
8/01/36
265 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 267,790
New York, Revenue Bonds, Adelphi University,
Civic Facility Project, Series 2005, 5.000%,
10/01/35
2,190 Monroe County Industrial Development Agency, 6/11 at 102.00 N/R 2,082,186
New York, Civic Facility Revenue Bonds,
St. John Fisher College, Series 2001, 5.250%,
6/01/26 - RAAI Insured
245 New York City Industrial Development Agency, 10/14 at 100.00 A- 234,012
New York, Civic Facility Revenue Bonds, St.
Francis College, Series 2004, 5.000%,
10/01/34
1,100 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,106,600
New York, Civic Facility Revenue Bonds, YMCA
of Greater New York, Series 2002, 5.250%,
8/01/21
Nuveen Investments 41
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,120 New York City Industrial Development Agency, 1/17 at 100.00 BB+ $ 923,642
New York, PILOT Revenue Bonds, Queens Baseball
Stadium Project, Series 2006, 4.750%, 1/01/42
- AMBAC Insured
1,460 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,258,622
New York, PILOT Revenue Bonds, Yankee Stadium
Project, Series 2006, 4.500%, 3/01/39 - FGIC
Insured
170 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 151,229
New York, Revenue Bonds, New York
Chiropractic College, Series 2007, 5.000%,
10/01/27
1,475 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,481,151
Corporation Revenue Bonds, Molloy College
Project, Series 2009, 5.750%, 7/01/39
----------------------------------------------------------------------------------------------------------------------
18,045 Total Education and Civic Organizations 17,543,462
----------------------------------------------------------------------------------------------------------------------
FINANCIALS - 2.0% (1.3% OF TOTAL INVESTMENTS)
500 Liberty Development Corporation, New York, No Opt. Call A1 506,340
Goldman Sachs Headquarter Revenue Bonds,
Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, No Opt. Call A1 1,369,806
Goldman Sachs Headquarters Revenue Bonds
Series 2007, 5.500%, 10/01/37
----------------------------------------------------------------------------------------------------------------------
1,805 Total Financials 1,876,146
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.5% (15.2% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 3,031,799
FHA-Insured Mortgage Hospital Revenue Bonds,
Montefiore Medical Center, Series 1999,
5.500%, 8/01/38 - AMBAC Insured
2,505 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 2,532,580
FHA-Insured Mortgage Revenue Bonds, New York
Hospital Medical Center of Queens, Series
1999, 5.550%, 8/15/29 - AMBAC Insured
1,620 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,644,122
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC
Insured
1,700 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 1,673,344
FHA-Insured Revenue Bonds, St. Lukes
Roosevelt Hospital, Series 2005, 4.900%,
8/15/31
500 Dormitory Authority of the State of New York, 7/10 at 100.00 A3 500,210
Insured Revenue Bonds, Franciscan Health
Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997,
5.500%, 7/01/17 - RAAI Insured
Dormitory Authority of the State of New York,
Revenue Bonds, Lenox Hill Hospital Obligated
Group, Series 2001:
710 5.375%, 7/01/20 7/11 at 101.00 Ba1 681,565
500 5.500%, 7/01/30 7/11 at 101.00 Ba1 460,430
2,300 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 2,360,628
Revenue Bonds, Memorial Sloan Kettering
Cancer Center, Series 2006, 5.000%, 7/01/35
(UB)
1,250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 1,250,638
Revenue Bonds, Mount Sinai NYU Health, Series
2000C, 5.500%, 7/01/26
520 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 566,545
Revenue Bonds, New York and Presbyterian
Hospital, Series 2004A, 5.250%, 8/15/15 - AGM
Insured
1,500 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 1,478,265
Revenue Bonds, NYU Hospitals Center, Series
2007B, 5.625%, 7/01/37
500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 472,980
Revenue Bonds, Winthrop-South Nassau
University Hospital Association, Series
2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, 7/10 at 100.00 BB 264,358
New York, Civic Facility Revenue Bonds,
Nicholas H. Noyes Hospital, Series 2005,
6.000%, 7/01/30
Madison County Industrial Development Agency,
New York, Civic Facility Revenue Bonds,
Oneida Health System, Series 2007A:
275 5.250%, 2/01/27 No Opt. Call BBB- 243,711
250 5.500%, 2/01/32 No Opt. Call BBB- 223,975
250 Nassau County Industrial Development Agency, No Opt. Call Baa1 258,415
New York, Revenue Refunding Bonds, North Shore
Health System Obligated Group, Series 2001B,
5.875%, 11/01/11
850 New York City Health and Hospitals Corporation, 8/10 at 100.00 A+ 852,287
New York, Health System Revenue Bonds, Series
1999A, 5.250%, 2/15/17
500 New York City Health and Hospitals Corporation, 2/13 at 100.00 A+ 517,365
New York, Health System Revenue Bonds, Series
2003A, 5.250%, 2/15/22 - AMBAC Insured
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 480 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 $ 476,357
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2001B,
6.375%, 7/01/31
485 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 479,859
New York, Civic Facility Revenue Bonds, Staten
Island University Hospital, Series 2002C,
6.450%, 7/01/32
Suffolk County Industrial Development Agency,
New York, Revenue Bonds, Huntington Hospital,
Series 2002C:
425 6.000%, 11/01/22 11/12 at 100.00 BBB+ 434,023
610 5.875%, 11/01/32 11/12 at 100.00 BBB+ 613,514
215 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 210,775
Revenue Bonds, St. John's Riverside Hospital,
Series 2001A, 7.125%, 7/01/31
----------------------------------------------------------------------------------------------------------------------
21,235 Total Health Care 21,227,745
----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7% (3.2% OF TOTAL
INVESTMENTS)
1,975 Amherst Industrial Development Agency, New York, 8/11 at 102.00 N/R 1,949,898
Revenue Bonds, UBF Faculty/Student Housing
Corporation, University of Buffalo Village
Green Project, Series 2001A, 5.250%, 8/01/31
- AMBAC Insured
1,000 New York City Housing Development Corporation, 11/11 at 100.00 AA 1,004,580
New York, Multifamily Housing Revenue Bonds,
Series 2001C-2, 5.400%, 11/01/33 (Alternative
Minimum Tax)
New York City Housing Development Corporation,
New York, Multifamily Housing Revenue Bonds,
Series 2002A:
455 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 461,006
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 226,262
500 New York City Housing Development Corporation, 5/14 at 100.00 AA 511,675
New York, Multifamily Housing Revenue Bonds,
Series 2004A, 5.250%, 11/01/30
290 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 290,705
Affordable Housing Revenue, Series 2007A,
5.250%, 11/01/38 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
4,445 Total Housing/Multifamily 4,444,126
----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7% (1.9% OF TOTAL
INVESTMENTS)
335 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 335,623
Mortgage Revenue Bonds, 2007 Series 145,
5.125%, 10/01/37 (Alternative Minimum Tax)
950 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 915,382
Mortgage Revenue Bonds, Series 130, 4.650%,
4/01/27 (Alternative Minimum Tax)
350 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 353,462
Mortgage Revenue Bonds, Series 148, 2007,
5.200%, 10/01/32 (Alternative Minimum Tax)
990 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 990,436
Mortgage Revenue Bonds, Series 82, 5.650%,
4/01/30 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------
2,625 Total Housing/Single Family 2,594,903
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.7% (3.8% OF TOTAL
INVESTMENTS)
450 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 451,143
GNMA Collateralized Revenue Bonds, Cabrini of
Westchester Project, Series 2006, 5.200%,
2/15/41
2,150 Dormitory Authority of the State of New York, 7/11 at 102.00 A3 2,171,651
Insured Revenue Bonds, Rehabilitation
Association Pooled Loan Program 1, Series
2001A, 5.000%, 7/01/23 - AMBAC Insured
255 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 251,675
Non-State Supported Debt, Ozanam Hall of
Queens Nursing Home Revenue Bonds, Series
2006, 5.000%, 11/01/31
Dormitory Authority of the State of New York,
Revenue Bonds, Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 N/R 35,193
175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 113,537
635 East Rochester Housing Authority, New York, 8/16 at 101.00 N/R 530,631
Senior Living Revenue Bonds, Woodland Village
Project, Series 2006, 5.500%, 8/01/33
525 New York City Industrial Development Agency, 7/11 at 101.00 N/R 531,253
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series
2001A-1, 7.250%, 7/01/16
Nuveen Investments 43
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
New York City Industrial Development Agency,
New York, Civic Facility Revenue Bonds, Special
Needs Facilities Pooled Program, Series 2008A-1:
$ 355 5.500%, 7/01/18 7/16 at 101.00 N/R $ 322,425
440 5.800%, 7/01/23 7/16 at 101.00 N/R 386,874
430 Suffolk County Industrial Development Agency, 7/16 at 100.00 N/R 390,543
New York, Civic Facility Revenue Bonds,
Special Needs Facilities Pooled Program,
Series 2008-B1, 5.500%, 7/01/18
170 Yonkers Industrial Development Agency, New York, 7/16 at 101.00 N/R 149,474
Civic Facilities Revenue Bonds, Special Needs
Facilities Pooled Program Bonds, Series
2008-C1, 5.800%, 7/01/23
----------------------------------------------------------------------------------------------------------------------
5,635 Total Long-Term Care 5,334,399
----------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
230 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 226,106
New York, Solid Waste Disposal Revenue Bonds,
International Paper Company Project, Series
2003A, 5.200%, 12/01/20 (Alternative Minimum
Tax)
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.2% (8.9% OF TOTAL
INVESTMENTS)
1,775 Bath Central School District, Steuben County, 6/12 at 100.00 A 1,807,216
New York, General Obligation Bonds, Series
2002, 4.000%, 6/15/18 - FGIC Insured
45 New York City, New York, General Obligation 8/10 at 100.00 AA 45,189
Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 -
MBIA Insured
2,000 New York City, New York, General Obligation 9/15 at 100.00 AA 2,163,620
Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19
- SYNCORA GTY Insured
2,600 New York City, New York, General Obligation 6/16 at 100.00 AA 2,729,116
Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25
(UB)
4,540 New York City, New York, General Obligation 12/17 at 100.00 AA 4,849,401
Bonds, Fiscal Series 2007D-1, 5.125%,
12/01/25 (UB)
750 New York City, New York, General Obligation 8/14 at 100.00 AA 837,075
Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
----------------------------------------------------------------------------------------------------------------------
11,710 Total Tax Obligation/General 12,431,617
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.7% (22.7% OF TOTAL
INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150
Revenue Bonds, Series 2003A, 5.250%, 11/01/21
125 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 133,555
State Personal Income Tax Revenue Bonds,
Series 2005F, 5.000%, 3/15/21 - AGM Insured
1,500 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 1,435,290
New York, Revenue Bonds, Series 2006A,
5.000%, 2/15/47
1,750 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,831,218
Dedicated Tax Fund Bonds, Series 2002A,
5.250%, 11/15/25 - AGM Insured
560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 515,911
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
New York City Sales Tax Asset Receivable
Corporation, New York, Dedicated Revenue
Bonds, Local Government Assistance
Corporation, Series 2004A:
1,140 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 1,231,234
835 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 882,395
750 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 786,360
1,300 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 1,351,454
New York, Building Aid Revenue Bonds, Fiscal
Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,000 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,045,140
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.000%, 2/01/23 - FGIC Insured
1,200 New York City Transitional Finance Authority, 5/17 at 100.00 AAA 1,256,748
New York, Future Tax Secured Bonds, Fiscal
Series 2007B, 5.000%, 11/01/30
1,460 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 1,560,550
New York, Future Tax Secured Bonds, Fiscal
Series 2007C-1, 5.000%, 11/01/27
3,775 New York City Transitional Finance Authority, 5/20 at 100.00 AAA 4,135,471
New York, Future Tax Secured Bonds,
Subordinate Lien Series 2010D, 5.000%,
11/01/25
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York City Transitional Finance Authority, 2/13 at 100.00 AAA $ 1,056,600
New York, Future Tax Secured Refunding Bonds,
Fiscal Series 2003D, 5.000%, 2/01/22 - NPFG
Insured
1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030
Corporation, Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
2,020 New York State Environmental Facilities 12/17 at 100.00 AAA 2,158,229
Corporation, State Personal Income Tax
Revenue Bonds, Series 2008A, 5.000%, 12/15/27
(UB)
840 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 871,198
Personal Income Tax Revenue Bonds, Economic
Development and Housing, Series 2006A,
5.000%, 3/15/36
New York State Municipal Bond Bank Agency,
Buffalo, Special Program Revenue Bonds,
Series 2001A:
1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 A 1,107,279
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 A 1,155,859
2,300 New York State Thruway Authority, Highway and No Opt. Call AA 2,667,425
Bridge Trust Fund Bonds, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,125 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,189,811
Bridge Trust Fund Bonds, Series 2007, 5.000%,
4/01/27
2,100 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 2,213,862
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003A-1, 5.250%, 6/01/22 - AMBAC
Insured
1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180
Corporation, Tobacco Settlement Asset-Backed
and State Contingency Contract-Backed Bonds,
Series 2003B-1C, 5.500%, 6/01/21
----------------------------------------------------------------------------------------------------------------------
29,975 Total Tax Obligation/Limited 31,815,949
----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.7% (11.9% OF TOTAL
INVESTMENTS)
895 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 915,621
Bonds, Series 2001A, 5.625%, 7/15/20
2,500 Metropolitan Transportation Authority, New York, 11/17 at 100.00 A 2,534,650
Transportation Revenue Bonds, Series 2007B,
5.000%, 11/15/33
460 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 474,099
Transportation Revenue Refunding Bonds,
Series 2002A, 5.000%, 11/15/25 - FGIC Insured
1,250 New York City Industrial Development Agency, 8/16 at 101.00 B- 1,265,438
New York, American Airlines-JFK International
Airport Special Facility Revenue Bonds,
Series 2005, 7.750%, 8/01/31 (Alternative
Minimum Tax)
50 New York City Industrial Development Agency, 6/10 at 101.00 BB- 36,321
New York, Special Facilities Revenue Bonds,
British Airways PLC, Series 1998, 5.250%,
12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760
New York, Special Facilities Revenue Bonds,
Airport - American Airlines Inc., Series
JFK 2002B, 8.500%, 8/01/28 (Alternative Minimum
Tax)
New York City Industrial Development Authority,
New York, JetBlue,:
50 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B- 43,687
750 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B- 587,190
300 New York State Thruway Authority, General 7/15 at 100.00 AAA 308,619
Revenue Bonds, Series 2005G, 5.000%, 1/01/30
- AGM Insured (UB)
3,400 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 3,405,065
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A, 5.625%,
4/01/29 - NPFG Insured (Alternative Minimum
Tax)
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, One Hundred
Fortieth Series 2005:
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680
280 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 292,152
310 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 364,845
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2007, Trust 2920, 17.440%,
8/15/32 - AGM Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,625
New York, General Purpose Revenue Refunding
Bonds, Series 2002B, 5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, No Opt. Call Aa3 901,844
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - NPFG Insured
750 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 824,918
New York, Subordinate Lien General Purpose
Revenue Refunding Bonds, Tender Option Bond
Trust 1184, 9.185%, 11/15/33 (IF)
----------------------------------------------------------------------------------------------------------------------
16,275 Total Transportation 16,702,514
----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 10.1% (6.8% OF TOTAL
INVESTMENTS) (4)
$ 2,750 Albany Industrial Development Agency, New York, 7/11 at 101.00 N/R (4) $ 2,943,242
Revenue Bonds, St. Rose College, Series 2001A,
5.375%, 7/01/31 (Pre-refunded 7/01/11) - AMBAC
Insured
1,105 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 1,186,107
Bonds, Series 2001A, 5.625%, 7/15/20
(Pre-refunded 7/15/11)
1,905 Dormitory Authority of the State of New York, 4/12 at 100.00 AA- (4) 2,077,784
Service Contract Bonds, Child Care Facilities
Development Program, Series 2002, 5.375%,
4/01/17 (Pre-refunded 4/01/12)
3,205 New York State Urban Development Corporation, 1/11 at 100.00 AAA 3,319,385
Service Contract Revenue Bonds, Correctional
Facilities, Series 2000C, 5.125%, 1/01/21
(Pre-refunded 1/01/11) - AGM Insured
----------------------------------------------------------------------------------------------------------------------
8,965 Total U.S. Guaranteed 9,526,518
----------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.2% (7.6% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric
System General Revenue Bonds, Series 2006A:
1,700 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 1,770,397
1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 1,762,832
250 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 253,425
System General Revenue Bonds, Series 2006B,
5.000%, 12/01/35 - CIFG Insured
900 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 864,513
New York, Keyspan Glenwood Energy Project,
Series 2003, 5.250%, 6/01/27 (Alternative
Minimum Tax)
450 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 463,374
New York, Solid Waste Disposal Facility Revenue
Bonds, American Ref-Fuel Company of Niagara
LP, Series 2001A, 5.450%, 11/15/26 (Mandatory
put 11/15/12) (Alternative Minimum Tax)
2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 2,023,360
New York, Solid Waste Disposal Facility Revenue
Refunding Bonds, American Ref-Fuel Company of
Niagara LP, Series 2001D, 5.550%, 11/15/24
(Mandatory put 11/15/15)
2,000 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 2,010,340
Revenue Bonds, Series 2000A, 5.250%, 11/15/40
Suffolk County Industrial Development Agency,
New York, Revenue Bonds, Nissequogue Cogeneration
Partners Facility, Series 1998:
880 5.300%, 1/01/13 (Alternative Minimum Tax) 7/10 at 100.50 N/R 831,231
750 5.500%, 1/01/23 (Alternative Minimum Tax) 7/10 at 100.50 N/R 627,856
----------------------------------------------------------------------------------------------------------------------
10,630 Total Utilities 10,607,328
----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.1% (0.8% OF TOTAL
INVESTMENTS)
1,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AAA 1,066,890
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2001D, 5.500%, 6/15/17
----------------------------------------------------------------------------------------------------------------------
$ 137,610 Total Investments (cost $138,940,423) - 148.2% 139,881,713
===============-------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (12.9)% (12,155,000)
----------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 767,238
----------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation (34,100,000)
Value - (36.1)% (5)
----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 94,393,951
====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) 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. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 24.4%.
N/R Not rated.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
46 Nuveen Investments
| Statement of
| Assets & Liabilities
March 31, 2010 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $ 150,072,111 $ 36,241,759 $ 348,503,035 $ 201,408,888 $ 139,881,713
$147,513,829, $33,121,112,
$340,529,234, $200,051,420
and $138,940,423,
respectively)
Cash -- -- -- 5,040 --
Cash equivalents(1) -- -- 87,692,995 -- --
Receivables:
Interest 2,175,153 565,807 5,214,910 3,010,826 2,108,767
Investments sold 10,000 -- 989,000 210,000 150,000
Deferred offering costs -- -- 1,359,082 685,161 --
Other assets 7,333 197 46,958 31,813 41,072
---------------------------------------------------------------------------------------------------------------------------
Total assets 152,264,597 36,807,763 443,805,980 205,351,728 142,181,552
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 734,205 -- -- -- 1,016,633
Floating rate obligations 3,255,000 -- 34,645,000 17,735,000 12,155,000
Payables:
Auction Rate Preferred shares
noticed for redemption, at
liquidation value N/A N/A 87,650,000 -- --
Auction Rate Preferred share
dividends N/A N/A 3,723 2,403 2,387
Common share dividends 458,438 126,229 847,665 576,077 408,871
Interest -- -- 1,000 67,500 --
MuniFund Term Preferred shares,
at liquidation value -- -- -- 30,000,000 --
Variable Rate Demand Preferred
shares, at liquidation value -- -- 89,000,000 -- --
Accrued expenses:
Management fees 67,510 20,250 189,353 109,953 64,528
Offering costs -- -- 430,000 255,000 --
Other 73,894 25,461 153,042 63,239 40,182
---------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,589,047 171,940 212,919,783 48,809,172 13,687,601
---------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares,
at liquidation value N/A N/A -- 21,900,000 34,100,000
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 147,675,550 $ 36,635,823 $ 230,886,197 $ 134,642,555 $ 94,393,951
===========================================================================================================================
Common shares outstanding 15,148,861 2,347,000 15,039,571 9,265,330 6,488,517
===========================================================================================================================
Net asset value per Common
share outstanding
(net assets applicable to
Common shares,
divided by Common shares
outstanding) $ 9.75 $ 15.61 $ 15.35 $ 14.53 $ 14.55
===========================================================================================================================
NET ASSETS APPLICABLE TO COMMON
SHARES CONSIST OF:
---------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 151,489 $ 23,470 $ 150,396 $ 92,653 $ 64,885
Paid-in surplus 144,520,869 33,527,105 219,751,087 131,847,334 92,364,886
Undistributed
(Over-distribution of) net
investment income 428,831 (42,339) 3,288,436 1,419,366 1,093,652
Accumulated net realized gain
(loss) 16,079 6,940 (277,523) (74,266) (70,762)
Net unrealized appreciation
(depreciation) 2,558,282 3,120,647 7,973,801 1,357,468 941,290
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 147,675,550 $ 36,635,823 $ 230,886,197 $ 134,642,555 $ 94,393,951
===========================================================================================================================
Authorized shares:
Common 250,000,000 Unlimited 200,000,000 Unlimited Unlimited
Auction Rate Preferred N/A N/A 1,000,000 Unlimited Unlimited
MuniFund Term Preferred -- -- -- Unlimited --
Variable Rate Demand
Preferred -- -- Unlimited -- --
===========================================================================================================================
(1) Segregated for the payment of Auction Rate Preferred shares noticed for
redemption.
N/A Fund is not authorized to issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 47
| Statement of
| Operations
Six Months Ended March 31, 2010 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 3,628,244 $ 1,059,914 $ 8,548,533 $ 5,080,801 $ 3,400,497
---------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 398,154 118,391 1,108,781 647,107 448,030
Auction fees N/A N/A 65,445 29,109 25,505
Dividend disbursing agent fees N/A N/A 19,967 4,986 4,986
Shareholders' servicing agent fees
and expenses 14,346 24 14,149 1,605 731
Interest expense and amortization of
offering costs 8,576 -- 108,387 319,070 36,939
Liquidity fees -- -- 2,518 -- --
Custodian's fees and expenses 18,408 5,687 31,290 21,236 15,303
Directors'/Trustees' fees and
expenses 1,944 379 5,203 3,444 2,096
Professional fees 8,546 897 19,813 12,434 9,775
Shareholders' reports - printing and
mailing expenses 48,349 8,717 56,834 35,720 28,029
Stock exchange listing fees 4,589 -- 4,565 4,565 458
Investor relations expense 8,223 2,262 12,163 7,118 4,854
Other expenses 8,865 1,147 21,330 14,517 12,350
---------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 520,000 137,504 1,470,445 1,100,911 589,056
Custodian fee credit (265) (169) (2,729) (1,503) (1,101)
Expense reimbursement -- -- -- -- (70,295)
---------------------------------------------------------------------------------------------------------------------------
Net expenses 519,735 137,335 1,467,716 1,099,408 517,660
---------------------------------------------------------------------------------------------------------------------------
Net investment income 3,108,509 922,579 7,080,817 3,981,393 2,882,837
---------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from
investments 15,769 14,346 104,606 292,807 20,834
Change in net unrealized appreciation
(depreciation) of investments (1,997,663) (747,259) (4,892,637) (2,783,071) (1,563,392)
---------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) (1,981,894) (732,913) (4,788,031) (2,490,264) (1,542,558)
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income N/A N/A (159,209) (64,192) (63,167)
From accumulated net realized gains N/A N/A (17,285) (30,429) (3,233)
---------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Auction Rate Preferred
shareholders N/A N/A (176,494) (94,621) (66,400)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
operations $ 1,126,615 $ 189,666 $ 2,116,292 $ 1,396,508 $ 1,273,879
===========================================================================================================================
N/A Fund is not authorized to issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
48 Nuveen Investments
| Statement of
| Changes in Net Assets (Unaudited)
NEW YORK VALUE (NNY) NEW YORK VALUE 2 (NYV) NEW YORK PERFORMANCE PLUS (NNP)
------------------------------ ----------------------------- -------------------------------
FOR THE PERIOD
4/28/09
SIX MONTHS SIX MONTHS (COMMENCEMENT SIX MONTHS
ENDED YEAR ENDED ENDED OF OPERATIONS) ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 THROUGH 9/30/09 3/31/10 9/30/09
---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,108,509 $ 6,447,771 $ 922,579 $ 537,162 $ 7,080,817 $ 14,517,338
Net realized gain (loss) from:
Investments 15,769 132,227 14,346 (7,406) 104,606 209,269
Futures -- 176,461 -- -- -- --
Change in net unrealized
appreciation (depreciation)
of:
Investments (1,997,663) 10,734,027 (747,259) 3,867,906 (4,892,637) 28,157,222
Futures -- 13,211 -- -- -- --
Distributions to Auction Rate
Preferred shareholders:
From net investment income N/A N/A N/A N/A (159,209) (815,348)
From accumulated net
realized gains N/A N/A N/A N/A (17,285) (608,160)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations 1,126,615 17,503,697 189,666 4,397,662 2,116,292 41,460,321
---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON
SHAREHOLDERS
From net investment income (3,226,343) (6,448,739) (901,248) (600,832) (6,106,067) (11,090,805)
From accumulated net realized
gains (337,820) (1,484,820) -- -- (231,609) (1,928,624)
---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common shares
from distributions to
Common shareholders (3,564,163) (7,933,559) (901,248) (600,832) (6,337,676) (13,019,429)
---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares,
net of offering costs -- -- -- 33,450,300 -- --
Net proceeds from shares
issued to shareholders
due to reinvestment of
distributions 49,969 208,108 -- -- -- --
Repurchased and retired -- -- -- -- -- (309,124)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from capital share
transactions 49,969 208,108 -- 33,450,300 -- (309,124)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares (2,387,579) 9,778,246 (711,582) 37,247,130 (4,221,384) 28,131,768
Net assets applicable to
Common shares at the
beginning of period 150,063,129 140,284,883 37,347,405 100,275 235,107,581 206,975,813
---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares at the end of
period $ 147,675,550 $ 150,063,129 $36,635,823 $ 37,347,405 $ 230,886,197 $ 235,107,581
=================================================================================================================================
Undistributed
(Over-distribution of)net
investment income at the
end of period $ 428,831 $ 546,665 $ (42,339) $ (63,670) $ 3,288,436 $ 2,472,895
=================================================================================================================================
N/A Fund is not authorized to issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 49
Statement of
Changes in Net Assets (Unaudited) (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
----------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 9/30/09
----------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,981,393 $ 8,628,755 $ 2,882,837 $ 5,962,245
Net realized gain (loss) from:
Investments 292,807 237,884 20,834 32,039
Futures -- -- -- --
Change in net unrealized appreciation
(depreciation) of:
Investments (2,783,071) 15,279,735 (1,563,392) 10,675,788
Futures -- -- -- --
Distributions to Auction Rate Preferred
shareholders:
From net investment income (64,192) (544,164) (63,167) (303,512)
From accumulated net realized gains (30,429) (276,265) (3,233) (241,933)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
operations 1,396,508 23,325,945 1,273,879 16,124,627
----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,622,744) (6,777,589) (2,581,132) (4,735,461)
From accumulated net realized gains (399,336) (813,496) (49,313) (901,605)
----------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions to
Common shareholders (4,022,080) (7,591,085) (2,630,445) (5,637,066)
----------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares, net of
offering costs -- -- -- --
Net proceeds from shares issued to
shareholders due to reinvestment of
distributions -- -- -- --
Repurchased and retired -- -- -- (76,617)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- -- -- (76,617)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (2,625,572) 15,734,860 (1,356,566) 10,410,944
Net assets applicable to Common shares at
the beginning of period 137,268,127 121,533,267 95,750,517 85,339,573
----------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at
the end of period $ 134,642,555 $ 137,268,127 $ 94,393,951 $ 95,750,517
================================================================================================================
Undistributed (Over-distribution of) net
investments income at the end of period $ 1,419,366 $ 1,124,909 $ 1,093,652 $ 855,114
================================================================================================================
See accompanying notes to financial statements.
50 Nuveen Investments
| Statement of Cash Flows
Six months ended March 31, 2010 (Unaudited)
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
SHARES FROM OPERATIONS $ 2,116,292 $ 1,396,508 $ 1,273,879
Adjustments to reconcile the net increase (decrease) in net
assets applicable to Common shares from operations to net
cash provided by (used in) operating activities:
Purchases of investments (24,486,547) (13,234,796) (12,316,676)
Proceeds from sales and maturities of investments 14,707,450 7,751,300 6,047,666
Proceeds from (Purchases of) short-term investments, net 9,208,434 6,031,235 2,742,583
Amortization (Accretion) of premiums and discounts, net 303,095 175,733 139,650
(Increase) Decrease in receivable for interest (153,743) (51,569) (46,031)
(Increase) Decrease in receivable for investments sold (599,000) 3,303,450 2,215,531
(Increase) Decrease in other assets 33,739 (372) 4,870
Increase (Decrease) in payable for investments purchased -- (4,000,000) --
Increase (Decrease) in payable for Auction Rate Preferred
share dividends (1,424) 24 (1,105)
Increase (Decrease) in payable for interest 1,000 67,500 --
Increase (Decrease) in accrued management fees 6,195 3,801 2,128
Increase (Decrease) in accrued other liabilities 19,241 12,474 2,094
Net realized (gain) loss from investments (104,606) (292,807) (20,834)
Change in net unrealized (appreciation) depreciation of 4,892,637 2,783,071 1,563,392
investments
Taxes paid on undistributed capital gains -- 20 1,166
--------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 5,942,763 3,945,572 1,608,313
--------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in cash overdraft balance -- -- 1,016,633
(Increase) Decrease in deferred offering costs (1,359,082) (685,161) --
Increase (Decrease) in payable for Auction Rate Preferred 87,650,000 -- --
shares noticed for redemption, at liquidation value
Increase (Decrease) in accrued offering costs 430,000 255,000 --
Increase (Decrease) in Auction Rate Preferred shares, at (87,650,000) (29,500,000) --
liquidation value
Increase (Decrease) in MuniFund Term Preferred shares, -- 30,000,000 --
liquidation value
Increase (Decrease) in Variable Rate Demand Preferred 89,000,000 -- --
shares, at liquidation value
Cash distributions paid to Common shareholders (6,320,686) (4,010,371) (2,624,946)
--------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities 81,750,232 (3,940,532) (1,608,313)
--------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH 87,692,995 5,040 --
Cash and cash equivalents at the beginning of period -- -- --
--------------------------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 87,692,995 5,040 --
==============================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------------------
Cash paid for interest (excluding amortization of offering $ 107,266 $ 211,731 $ 36,939
costs, where applicable)
==============================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 51
| Notes to
| Financial Statements(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen
New York Municipal Value Fund 2 (NYV), Nuveen New York Performance Plus
Municipal Fund, Inc. (NNP), Nuveen New York Dividend Advantage Municipal Fund
(NAN) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
(collectively, the "Funds"). Common shares of New York Value (NNY), New York
Performance Plus (NNP) and New York Dividend Advantage (NAN) are traded on the
New York Stock Exchange ("NYSE") while Common shares of New York Value 2 (NYV)
and New York Dividend Advantage 2 (NXK) are traded on the NYSE Amex. The Funds
are registered under the Investment Company Act of 1940, as amended, as
closed-end management investment companies.
Prior to the commencement of operations, New York Value 2 (NYV) had no
operations other than those related to organizational matters, the initial
capital contribution of $100,275 by Nuveen Asset Management (the "Adviser"), a
wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and the
recording of the organization expense ($15,000) and its reimbursement by Nuveen
Investments, LLC, also a wholly-owned subsidiary of Nuveen.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes by investing primarily in a portfolio of municipal
obligations issued by state and local government authorities within the state of
New York or certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Futures
contracts are valued using the closing settlement price or, in the absence of
such a price, at the mean of the bid and asked prices. When market price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2010, there were
no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions that 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 gains and ordinary income distributions paid by the
Funds are subject to federal taxation.
52 Nuveen Investments
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, 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 US
generally accepted accounting principles.
Auction Rate Preferred Shares
New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue
Auction Rate Preferred shares. The following Funds have issued and outstanding
Auction Rate Preferred shares, $25,000 stated value per share, as a means of
effecting financial leverage. Each Fund's Auction Rate Preferred shares are
issued in one Series. The dividend rate paid by the Funds on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable at the end of each rate period. As of March 31,
2010, the number of Auction Rate Preferred shares outstanding, by Series and in
total, for each Fund is as follows:
NEW YORK NEW YORK
DIVIDEND DIVIDEND
ADVANTAGE ADVANTAGE 2
(NAN) (NXK)
-------------------------------------------------------------------------------
Number of shares:
Series W -- 1,364
Series F 876 --
-------------------------------------------------------------------------------
Total 876 1,364
===============================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Auction Rate Preferred shares issued by the Funds
than there were offers to buy. This meant that these auctions "failed to clear,"
and that many Auction Rate Preferred shareholders who wanted to sell their
shares in these auctions were unable to do so. Auction Rate Preferred
shareholders unable to sell their shares received distributions at the "maximum
rate" applicable to failed auctions as calculated in accordance with the
pre-established terms of the Auction Rate Preferred shares. As of March 31,
2010, the aggregate amount of outstanding Auction Rate Preferred shares redeemed
by each Fund is as follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
-------------------------------------------------------------------------------
Auction Rate Preferred shares
redeemed, at liquidation value $ 124,300,000 $ 47,100,000 $ 12,900,000
===============================================================================
MuniFund Term Preferred Shares
New York Dividend Advantage (NAN) has issued and outstanding $30,000,000, of
2.70%, Series 2015 MuniFund Term Preferred shares, with a $10 liquidation value
per share. Dividends, which are recognized as interest expense for financial
reporting purposes, will be paid monthly at a fixed annual rate of 2.70%,
subject to adjustment in certain circumstances. Proceeds from the issuance of
MuniFund Term Preferred shares, net of offering expenses, were used to redeem a
portion of the Fund's outstanding Auction Rate Preferred shares totaling
$29,500,000.
The Fund is obligated to redeem the MuniFund Term Preferred shares on January 1,
2015, unless earlier redeemed or repurchased by the Fund. MuniFund Term
Preferred shares are subject to optional and mandatory redemption in certain
circumstances. As of January 1, 2011, the MuniFund Term Preferred shares will be
subject to redemption at the option of the Fund, subject to payment of a premium
until December 31, 2011, and at par thereafter. The MuniFund Term Preferred
shares also will be subject to redemption, at the option of the Fund, at par in
the event of certain changes in the credit rating of the MuniFund Term Preferred
shares. The Funds may be obligated to redeem certain of the MuniFund Term
Preferred shares if the Fund fails to maintain certain asset coverage and
leverage ratio requirements and such failures are not cured by the applicable
cure date. The redemption price per share is equal to the sum of the liquidation
value per share plus any accumulated but unpaid dividends. The MuniFund Term
Preferred shares trade on NYSE under the symbol "NAN Pr C".
Nuveen Investments 53
| Notes to
| Financial Statements (Unaudited) (continued)
During the period from December 21, 2009 through March 31, 2010, New York
Dividend Advantage (NAN) had an average balance of $30,000,000 MuniFund Term
Preferred shares outstanding.
For financial reporting purposes only, the liquidation value of MuniFund Term
Preferred shares is recorded as a liability on the Statement of Assets and
Liabilities. Unpaid dividends on the MuniFund Term Preferred shares are
recognized as "Interest payable" on the Statement of Assets and Liabilities.
Dividends paid on the MuniFund Term Preferred shares are recognized as a
component of "Interest expense and amortization of offering costs" on the
Statement of Operations.
Variable Rate Demand Preferred Shares
New York Performance Plus (NNP) has issued and outstanding 890 Series 1 Variable
Rate Demand Preferred shares, $100,000 liquidation value per share. Variable
Rate Demand Preferred shares were issued in a privately negotiated offering.
Proceeds of this offering were used to redeem a portion of the Fund's
outstanding Auction Rate Preferred shares totaling $87,650,000. The Variable
Rate Demand Preferred shares were offered to institutional buyers as defined
pursuant to Rule 144A under the Securities Act of 1933, have a maturity date of
March 1, 2040 and include a liquidity feature that allows the Variable Rate
Demand Preferred shareholders to have their shares purchased by the liquidity
provider in the event that sell orders are not matched with purchase orders in a
remarketing. Dividends on the Variable Rate Demand Preferred shares (which are
treated as interest payments for financial reporting purposes) are set weekly at
a rate established by a remarketing agent; therefore, the liquidation value of
the Variable Rate Demand Preferred shares approximates fair value.
Subject to certain conditions, Variable Rate Demand Preferred shares may be
redeemed, in whole or in part, at any time at the option of the Fund. The Fund
may also redeem certain of the Variable Rate Demand Preferred shares if the Fund
fails to maintain certain asset coverage requirements and such failures are not
cured by the applicable cure date. The redemption price per share is equal to
the sum of the liquidation value per share plus any accumulated but unpaid
dividends.
New York Performance Plus (NNP) issued all $89,000,000 of its Variable Rate
Demand Preferred shares on March 31, 2010.
For financial reporting purposes only, the liquidation value of Variable Rate
Demand Preferred shares is recognized as a liability on the Statement of Assets
and Liabilities. Unpaid dividends on Variable Rate Preferred shares are
recognized as "Interest payable" on the Statement of Assets and Liabilities.
Dividends paid on the Variable Rate Demand Preferred shares are recognized as a
component of "Interest expense and amortization of offering costs" on the
Statement of Operations. In addition to interest expense, the Fund also pays a
per annum liquidity fee, which is recognized as "Liquidity fees" on the
Statement of Operations.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and recognizes the related interest paid to the holders of the
short-term floating rate certificates as "Interest expense on floating rate
obligations" on the Statement of Operations.
During the six months ended March 31, 2010, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate
54 Nuveen Investments
certificates issued by the trust plus any shortfalls in interest cash flows.
Under these agreements, a Fund's potential exposure to losses related to or on
inverse floaters may increase beyond the value of a Fund's inverse floater
investments as a Fund may potentially be liable to fulfill all amounts owed to
holders of the floating rate certificates. At period end, any such shortfall is
recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of
Assets and Liabilities.
At March 31, 2010, each Fund's maximum exposure to externally-deposited Recourse
Trusts is as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------
Maximum exposure to
Recourse Trusts $ -- $ 4,000,000 $ -- $ 2,670,000 $ --
===============================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2010, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------
Average floating rate
obligations outstanding $ 3,255,000 $ -- $ 34,645,000 $17,735,000 $ 12,155,000
Average annual interest
rate and fees 0.53% --% 0.62% 0.61% 0.61%
==================================================================================================
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in
attempt to manage such risk. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or liquid securities equal
to a specified percentage of the contract amount. This is known as the "initial
margin." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities. Subsequent
payments ("variation margin") are made or received by a Fund each day, depending
on the daily fluctuation of the value of the contract. Variation margin is
recognized as a receivable or payable for "Variation margin on futures
contracts" on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the difference between
the value of the contract on the closing date and value of the contract when
originally entered into and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices. The Funds did not invest in futures
contracts during the six months ended March 31, 2010.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions, when applicable. The extent of each Fund's exposure to
counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities. Futures
contracts, when applicable, expose a Fund to minimal counterparty credit risk as
they are exchange traded and the exchange's clearinghouse, which is counterparty
to all exchange traded futures, guarantees the futures contracts against
default.
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser monitor the financial stability of
the counterparties. Additionally, counterparties may be required to pledge
collateral daily (based on the daily valuation of the financial asset) on behalf
of each Fund with a value approximately equal to the amount of any unrealized
gain above a pre-determined threshold. Reciprocally, when each Fund has an
unrealized loss, the Funds have instructed the custodian to pledge assets of the
Funds as collateral with a value approximately equal to the amount of the
unrealized loss above a pre-determined threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either
up or down, by at least the predetermined threshold amount.
Nuveen Investments 55
| Notes to
| Financial Statements (Unaudited) (continued)
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolio of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Offering Costs
Costs incurred by New York Performance Plus (NNP) in connection with its
offering of Variable Rate Demand Preferred shares ($1,320,000) were recorded as
a deferred charge which will be amortized over the 30-year life of the shares.
Cost incurred by New York Dividend Advantage (NAN) in connection with its
offering of MuniFund Term Preferred shares ($725,000) were recorded as a
deferred charge which will be amortized over the 5-year life of the shares.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with US 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 applicable to Common shares from operations during the reporting period.
Actual results may differ from those estimates.
56 Nuveen Investments
2. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments, various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of March 31, 2010:
NEW YORK VALUE (NNY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 145,097,111 $ -- $ 145,097,111
Short-Term Investments -- 4,975,000 -- 4,975,000
-------------------------------------------------------------------------------------------------
Total $ -- $ 150,072,111 $ -- $ 150,072,111
=================================================================================================
NEW YORK VALUE 2 (NYV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 36,043,277 $ -- $ 36,043,277
Short-Term Investments 198,482 -- -- 198,482
-------------------------------------------------------------------------------------------------
Total $ 198,482 $ 36,043,277 $ -- $ 36,241,759
=================================================================================================
NEW YORK PERFORMANCE PLUS (NNP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 343,394,184 $ -- $ 343,394,184
Short-Term Investments 3,613,851 1,495,000 -- 5,108,851
-------------------------------------------------------------------------------------------------
Total $ 3,613,851 $ 344,889,184 $ -- $ 348,503,035
=================================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 198,766,466 $ -- $ 198,766,466
Short-Term Investments 2,642,422 -- -- 2,642,422
-------------------------------------------------------------------------------------------------
Total $ 2,642,422 $ 198,766,466 $ -- $ 201,408,888
=================================================================================================
NEW YORK DIVIDEND ADVANTAGE 2 (NXK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 139,881,713 $ -- $ 139,881,713
=================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Funds record derivative instruments at fair value, with changes in fair
value recognized on the Statement of Operations, when applicable. Even though
the Funds' investments in derivatives may represent economic hedges, they are
considered to be non-hedge transactions for financial reporting purposes. The
Funds did not invest in derivative instruments during the six months ended March
31, 2010.
Nuveen Investments 57
| Notes to
| Financial Statements (Unaudited) (continued)
4. FUND SHARES
Common Shares
Transactions in Common shares were as follows:
NEW YORK
NEW YORK VALUE (NNY) NEW YORK VALUE 2 (NYV) PERFORMANCE PLUS (NNP)
----------------------- --------------------------- ------------------------
FOR THE
PERIOD 4/28/09
SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT SIX MONTHS YEAR
ENDED ENDED ENDED OF OPERATIONS) ENDED ENDED
3/31/10 9/30/09 3/31/10 THROUGH 9/30/09 3/31/10 9/30/09
--------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold* -- -- -- 2,340,000 -- --
Issued to shareholders due
to reinvestment of distributions 5,140 23,357 -- -- -- --
Repurchased and retired -- -- -- -- -- (27,800)
--------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- -- -- -- -- $ 11.10
Discount per share repurchased and
retired -- -- -- -- -- 19.25%
================================================================================================================================
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
--------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/10 9/30/09 3/31/10 9/30/09
--------------------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- --
Repurchased and retired -- -- -- (7,200)
--------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- -- -- $ 10.62
Discount per share repurchased and retired -- -- -- 18.33%
================================================================================================================================
* New York Value 2 (NYV) was the only Fund to sell Common shares during the
fiscal year ended September 30, 2009.
Preferred Shares
New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue
Auction Rate Preferred shares. Transactions in Auction Rate Preferred shares
were as follows:
NEW YORK NEW YORK
PERFORMANCE PLUS (NNP) DIVIDEND ADVANTAGE (NAN)
---------------------------------------- -----------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 9/30/09
-------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series M 1,129 $ 28,225,000 -- $ -- -- $ -- -- $ --
Series T 564 14,100,000 -- -- -- -- -- --
Series W 1,410 35,250,000 -- -- -- -- -- --
Series F 403 10,075,000 -- -- 1,180 29,500,000 -- --
--------------------------------------------------------------------------------------------------------------------------------
Total 3,506 $ 87,650,000 -- $ -- 1,180 $ 29,500,000 -- $ --
================================================================================================================================
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/10 9/30/09
---------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series W -- $ -- -- $ --
================================================================================================================================
58 Nuveen Investments
Transactions in MuniFund Term Preferred shares were as follows:
NEW YORK DIVIDEND ADVANTAGE (NAN)
---------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/10 9/30/09
----------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
MuniFund Term Preferred shares issued:
Series 2015 3,000,000 $ 30,000,000 N/A N/A
=================================================================================================================================
N/A - The Fund was not authorized to issue MuniFund Term Preferred shares during
the fiscal year ended September 30, 2009.
Transactions in Variable Rate Demand Preferred shares were as follows:
NEW YORK PERFORMANCE PLUS (NNP)
---------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/10 9/30/09
----------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred shares issued:
Series 1 890 $ 89,000,000 N/A N/A
=================================================================================================================================
N/A - The Fund was not authorized to issue Variable Rate Demand Preferred shares
during the fiscal year ended September 30, 2009.
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended March 31, 2010, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------------------------------
Purchases $ 8,868,203 $ 1,604,635 $ 24,486,547 $ 13,234,796 $ 12,316,676
Sales and maturities 1,662,500 227,250 14,707,450 7,751,300 6,047,666
=================================================================================================================================
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
At March 31, 2010, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
----------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 143,917,105 $ 33,088,108 $ 305,418,868 $ 182,217,532 $ 126,656,834
==================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2010, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 4,663,436 $ 3,192,389 $ 12,907,893 $ 4,489,974 $ 2,955,099
Depreciation (1,765,285) (38,738) (4,480,790) (3,025,056) (1,879,073)
---------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $ 2,898,151 $ 3,153,651 $ 8,427,103 $ 1,464,918 $ 1,076,026
==================================================================================================================================
Nuveen Investments 59
| Notes to
| Financial Statements (Unaudited) (continued)
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2009, the Funds' last tax year
end, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV)*** (NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 755,511 $ 73,053 $ 3,090,862 $ 1,616,659 $ 1,202,209
Undistributed net ordinary income ** 81,069 -- -- -- 5,541
Undistributed net long-term capital gains 261,484 -- 248,364 258,801 52,301
================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2009, paid on October 1, 2009.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** For the period April 28, 2009 (commencement of operations) through
September 30, 2009.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2009, was designated for purposes of the dividends paid deduction
as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV)*** (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 6,447,404 $ 450,624 $ 11,827,384 $ 7,301,446 $ 5,057,663
Distributions from net ordinary income ** 535,895 -- 1,105,907 651,694 466,316
Distributions from net long-term capital gains 949,431 -- 1,488,610 438,066 677,222
===================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** For the period April 28, 2009 (commencement of operations) through
September 30, 2009.
New York Value 2 (NYV) has elected to defer net realized losses from investments
incurred from April 28, 2009 (commencement of operations) through September 30,
2009, the Fund's last tax year end, ("post-October losses") in accordance with
federal income tax regulations. Post-October capital losses of $7,406 are
treated as having arisen on the first day of the current fiscal year.
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components -- a fund-level fee,
based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all fund assets managed by
the Adviser. This pricing structure enables each Fund's shareholders to benefit
from growth in the assets within their respective Fund as well as from growth in
the amount of complex-wide assets managed by the Adviser.
New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of
the average daily net assets* of the Fund, as well as 4.125% of the gross
interest income (excluding interest on bonds underlying a "self-deposited
inverse floater" trust that is attributed to the Fund over and above the net
interest earned on the inverse floater itself) of the Fund.
60 Nuveen Investments
The annual fund-level fee for the following Funds, payable monthly, is
calculated according to the following schedules:
NEW YORK PERFORMANCE PLUS (NNP)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
NEW YORK VALUE 2 (NYV)
AVERAGE DAILY MANAGED ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4000%
For the next $125 million .3875
For the next $250 million .3750
For the next $500 million .3625
For the next $1 billion .3500
For managed assets over $2 billion .3375
================================================================================
The annual complex-level fee for each fund, payable monthly, is calculated
according to the following schedule:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
* The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but excluding assets attributable to investments
in other Nuveen funds. For the complex-level and fund-level fees, daily
managed assets include assets managed by the Adviser that are attributable
to financial leverage. For these purposes, financial leverage includes the
funds' use of preferred stock and borrowings and investments in the
residual interest certificates (also called inverse floating rate
securities) in tender option bond (TOB) trusts, including the portion of
assets held by a TOB trust that has been effectively financed by the
trust's issuance of floating rate securities, subject to an agreement by
the Adviser to limit the amount of such assets for determining managed
assets in certain circumstances. As of March 31, 2010, the complex-level
fee rate was .1867%.
Nuveen Investments 61
| Notes to
| Financial Statements (Unaudited) (continued)
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its directors/trustees who are affiliated with
the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
==============================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
8. NEW ACCOUNTING PRONOUNCEMENTS
Accounting for Transfers of Financial Assets
During June 2009, the Financial Accounting Standards Board ("FASB") issued
changes to the authoritative guidance under generally accepted accounting
principles ("GAAP") on accounting for transfers of financial assets. The
objective of this guidance is to improve the relevance, representational
faithfulness, and comparability of the information that a reporting entity
provides in its financial statements about a transfer of financial assets; the
effects of a transfer on its financial position, financial performance, and cash
flows; and transferor's continuing involvement, if any, in transferred financial
assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
Fair Value Measurements
On January 21, 2010, FASB issued changes to the authoritative guidance under
GAAP for fair value measurements. The objective of this guidance is to provide
guidance on how investment assets and liabilities are to be valued and
disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both
recurring and nonrecurring fair value measurements, for both Level 2 and Level 3
positions, ii) transfers between all levels (including Level 1 and Level 2) on a
gross basis (i.e., transfers out must be disclosed separately from transfers in)
as well as the reason(s) for the transfer and iii) purchases, sales, issuances
and settlements in the Level 3 rollforward must be shown on a gross basis rather
than as one net number. The effective date of the amendment is for interim and
annual periods beginning after December 15, 2009, however, the requirement to
provide the Level 3 activity for purchases, sales, issuances and settlements on
a gross basis will be effective for interim and annual periods beginning after
December 15, 2010. At this time, management is evaluating the implications of
this guidance and the impact it will have to the financial statement amounts and
footnote disclosures, if any.
62 Nuveen Investments
9. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 3, 2010, to shareholders of record on
April 15, 2010, as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE VALUE 2 PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NYV) (NNP) (NAN) (NXK)
----------------------------------------------------------------------------------------
Dividend per share $. 0355 $. 0640 $ .0680 $ .0655 $ .0665
========================================================================================
Distributions to MuniFund Term Preferred Shareholders
New York Dividend Advantage (NAN) declared a dividend distribution of $0.022500,
which was paid on May 3, 2010, to shareholders of record on April 15, 2010.
MuniFund Term Preferred Shares
As discussed in the Portfolio Manager's Comments section, during April 2010, New
York Dividend Advantage 2 (NXK) successfully completed the issuance of $37.89
million of 2.55%, Series 2015 MuniFund Term Preferred ("MTP") shares. The
newly-issued MTP shares trade on the NYSE under the symbol "NXK Pr C."
Auction Rate Preferred Shares Noticed for Redemption
During April, 2010, New York Dividend Advantage 2 (NXK) noticed for redemption
its remaining $34.1 million outstanding Auction Rate Preferred shares, at
liquidation value, using proceeds from the issuance of MTP described above.
Nuveen Investments 63
| Financial
| Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
------------------------------ -----------------------------
DISCOUNT
FROM
NET COMMON
BEGINNING INVESTMENT CAPITAL SHARES ENDING
COMMON NET INCOME TO GAINS TO REPUR- COMMON
SHARE NET REALIZED/ COMMON COMMON CHASED SHARE ENDING
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- AND OFFERING NET ASSET MARKET
VALUE INCOME GAIN (LOSS) TOTAL HOLDERS HOLDERS TOTAL RETIRED COSTS VALUE VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 9.91 $ .21 $ (.14) $ .07 $(.21) $ (.02) $ (.23) $ -- $ -- $ 9.75 $ 9.69
2009 9.28 .43 .73 1.16 (.43) (.10) (.53) -- -- 9.91 9.51
2008 9.94 .43 (.65) (.22) (.43) (.01) (.44) -- -- 9.28 9.01
2007 10.09 .43 (.15) .28 (.43) -- (.43) -- -- 9.94 9.50
2006 10.07 .44 .01 .45 (.43) -- (.43) -- -- 10.09 9.51
2005 10.01 .45 .04 .49 (.43) -- (.43) -- -- 10.07 9.26
NEW YORK VALUE 2 (NYV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 15.91 .39 (.31) .08 (.38) -- (.38) -- -- 15.61 14.91
2009(e) 14.33 .23 1.64 1.87 (.26) -- (.26) -- (.03) 15.91 14.84
====================================================================================================================================
64 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
TOTAL RETURNS APPLICABLE TO COMMON SHARES(b)
----------------------- --------------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 4.42% .79% $ 147,676 .71%* .69%* 4.22%* 1%
2009 11.78 13.00 150,063 .71 .68 4.58 3
2008 (.62) (2.38) 140,285 .71 .68 4.39 16
2007 4.40 2.79 150,321 .69 .65 4.32 15
2006 7.50 4.56 152,573 .66 .66 4.35 13
2005 5.88 4.95 152,236 .66 .66 4.44 18
NEW YORK VALUE 2 (NYV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 3.14 .58 36,636 .76* .76* 5.09* 1
2009(e) .73 12.99 37,347 .84* .84* 3.66* 4
====================================================================================================================================
* Annualized.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) Expense ratios do not reflect the reduction of custodian fee credits
earned on the Fund's net cash on deposit with the custodian bank, where
applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the six months ended March 31, 2010.
(e) For the period April 28, 2009 (commencement of operations) through
September 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 65
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
---------------------------------------------------------------- ---------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL NET
BEGINNING INCOME TO GAINS TO INVESTMENT CAPITAL
COMMON NET AUCTION RATE AUCTION RATE INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL
----------------------------------------------------------------------------------------------------------------------------------
NEW YORK PERFORMANCE PLUS (NNP)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 15.63 $ .47 $ (.31) $ (.01) $ --** $ .15 $ (.41) $ (.02) $ (.43)
2009 13.74 .96 1.89 (.05) (.04) 2.76 (.74) (.13) (.87)
2008 15.48 .98 (1.69) (.27) (.01) (.99) (.72) (.03) (.75)
2007 16.01 .99 (.41) (.27) (.01) .30 (.77) (.06) (.83)
2006 16.44 1.01 --** (.20) (.05) .76 (.89) (.30) (1.19)
2005 16.50 1.05 .10 (.14) --** 1.01 (.99) (.08) (1.07)
NEW YORK DIVIDEND ADVANTAGE (NAN)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 14.82 .43 (.28) (.01) --** .14 (.39) (.04) (.43)
2009 13.12 .93 1.68 (.06) (.03) 2.52 (.73) (.09) (.82)
2008 14.95 .96 (1.76) (.24) (.02) (1.06) (.70) (.07) (.77)
2007 15.49 .97 (.39) (.24) (.02) .32 (.77) (.09) (.86)
2006 15.83 .98 --** (.21) (.03) .74 (.89) (.19) (1.08)
2005 15.83 1.03 .09 (.13) -- .99 (.99) -- (.99)
==================================================================================================================================
DISCOUNT
FROM
COMMON
SHARES ENDING
REPUR- COMMON
CHASED SHARE ENDING
AND OFFERING NET ASSET MARKET
RETIRED COSTS VALUE VALUE
------------------------------------------------------------------------
NEW YORK PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ -- $ -- $ 15.35 $ 14.24
2009 -- -- 15.63 14.77
2008 -- -- 13.74 11.16
2007 -- -- 15.48 14.30
2006 -- -- 16.01 15.88
2005 -- -- 16.44 16.01
NEW YORK DIVIDEND ADVANTAGE (NAN)
------------------------------------------------------------------------
Year Ended 9/30:
2010(d) -- -- 14.53 13.48
2009 -- -- 14.82 13.38
2008 -- -- 13.12 11.36
2007 -- -- 14.95 14.33
2006 -- -- 15.49 15.60
2005 -- -- 15.83 16.11
========================================================================
AUCTION RATE MUNIFUND TERM VARIABLE RATE DEMAND
PREFERRED SHARES PREFERRED SHARES PREFERRED SHARES
AT END OF PERIOD AT END OF PERIOD AT END OF PERIOD
----------------------------------------------------------------- -------------------------------------
AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION
AMOUNT AND MARKET AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET
OUTSTANDING VALUE OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE
(000) PER SHARE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE
--------------------------------------------------------------------------------------------------------------------------
NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 87,650 $ 25,000 $ -- $ -- $ 116,240 $ 89,000 $ 100,000 $ 457,906
2009 87,650 25,000 -- -- 92,059 -- -- --
2008 87,650 25,000 -- -- 84,035 -- -- --
2007 124,300 25,000 -- -- 71,914 -- -- --
2006 124,300 25,000 -- -- 73,395 -- -- --
2005 124,300 25,000 -- -- 74,528 -- -- --
NEW YORK DIVIDEND ADVANTAGE (NAN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 21,900 25,000 30,000 10*** --**** -- -- --
2009 51,400 25,000 -- -- 91,765 -- -- --
2008 51,400 25,000 -- -- 84,112 -- -- --
2007 69,000 25,000 -- -- 75,183 -- -- --
2006 69,000 25,000 -- -- 76,865 -- -- --
2005 69,000 25,000 -- -- 77,790 -- -- --
===========================================================================================================================
66 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
------------------ ----------------------------------- ---------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) (.65)% .95% $ 230,886 1.28%* 1.19%* 6.16%* 1.28%* 1.19%* 6.16%* 4%
2009 42.29 21.05 235,108 1.39 1.17 6.91 1.39 1.17 6.91 1
2008 (17.61) (6.71) 206,976 1.42 1.27 6.48 1.42 1.27 6.48 16
2007 (5.02) 1.90 233,258 1.29 1.22 6.33 1.29 1.22 6.33 14
2006 6.69 4.91 240,618 1.22 1.22 6.33 1.22 1.22 6.33 13
2005 9.37 6.29 246,255 1.20 1.20 6.36 1.20 1.20 6.36 16
NEW YORK DIVIDEND ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended
9/30:
2010(d) 4.12 1.02 134,643 1.64* 1.17* 5.94* 1.64* 1.17* 5.94* 4
2009 26.58 20.29 137,268 1.37 1.17 7.07 1.31 1.11 7.13 4
2008 (16.02) (7.45) 121,533 1.36 1.23 6.45 1.22 1.09 6.59 17
2007 (2.86) 2.07 138,504 1.29 1.19 6.15 1.07 .97 6.36 18
2006 3.49 4.91 143,147 1.18 1.18 6.11 .89 .89 6.40 15
2005 14.24 6.38 145,701 1.16 1.16 6.13 .81 .81 6.49 20
====================================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
*** For the period December 21, 2009 through March 31, 2010, the average
market value was $10.07.
**** Asset coverage per $1 of liquidation preference for Auction Rate Preferred
shares and MuniFund Term Preferred shares equaled $3.59. On a per share
basis, asset coverage is $89,857 and $35.94 for Auction Rate Preferred
shares and MuniFund Term Preferred shares, respectively.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares, MuniFund Term Preferred shares and/or Variable Rate Demand
Preferred shares, where applicable.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from the Adviser, where applicable. Expense
ratios do not reflect the reduction of custodian fee credits earned on the
Fund's net cash on deposit with the custodian bank, where applicable. As
of August 1, 2009, the Adviser is no longer reimbursing New York Dividend
Advantage (NAN) for any fees and expenses.
(c) The expense ratios reflect, among other things and where applicable,
payments to MuniFund Term Preferred shareholders, Variable Rate Demand
Preferred shareholders and the interest expense deemed to have been paid
by the Fund on the floating rate certificates issued by the special
purpose trusts for the self-deposited inverse floaters held by the Fund,
as described in Footnote 1 - MuniFund Term Preferred Shares, Variable Rate
Demand Preferred Shares and Inverse Floating Rate Securities,
respectively.
(d) For the six months ended March 31, 2010.
See accompanying notes to financial statements.
Nuveen Investments 67
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
-------------------------------------------------------------- ----------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL NET
BEGINNING INCOME TO GAINS TO INVESTMENT CAPITAL
COMMON NET AUCTION RATE AUCTION RATE INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL
-----------------------------------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 14.76 $ .44 $ (.23) $ (.01) $ --** $ .20 $ (.40) $ (.01) $ (.41)
2009 13.14 .92 1.66 (.05) (.04) 2.49 (.73) (.14) (.87)
2008 14.80 .95 (1.64) (.23) (.01) (.93) (.69) (.04) (.73)
2007 15.29 .95 (.34) (.24) (.02) .35 (.76) (.08) (.84)
2006 15.57 .97 .05 (.20) (.03) .79 (.87) (.20) (1.07)
2005 15.60 1.01 .10 (.13) --** .98 (.95) (.06) (1.01)
=============================================================================================================================
DISCOUNT
FROM
COMMON
SHARES ENDING
REPUR- COMMON
CHASED SHARE ENDING
AND OFFERING NET ASSET MARKET
RETIRED COSTS VALUE VALUE
----------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
----------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ -- $ -- $ 14.55 $ 13.65
2009 -- -- 14.76 13.41
2008 -- -- 13.14 11.15
2007 -- -- 14.80 14.16
2006 -- -- 15.29 15.47
2005 -- -- 15.57 15.34
=======================================================================
AUCTION RATE PREFERRED SHARES AT END OF PERIOD
------------------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
-------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 34,100 $ 25,000 $ 94,204
2009 34,100 25,000 95,198
2008 34,100 25,000 87,566
2007 47,000 25,000 76,140
2006 47,000 25,000 77,695
2005 47,000 25,000 78,514
=============================================================
68 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
-------------------- ------------------------------- -----------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 4.94% 1.37% $ 94,394 1.26%* 1.18%* 6.00%* 1.11%* 1.03%* 6.15%* 4%
2009 29.95 20.06 95,751 1.36 1.16 6.83 1.18 .98 7.01 0
2008 (16.79) (6.63) 85,340 1.37 1.23 6.25 1.11 .97 6.51 17
2007 (3.20) 2.35 96,144 1.32 1.22 5.98 .99 .89 6.31 17
2006 7.96 5.37 99,067 1.19 1.19 5.96 .78 .78 6.36 14
2005 10.61 6.45 100,606 1.18 1.18 6.01 .74 .74 6.45 19
====================================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from the Adviser, where applicable. Expense
ratios do not reflect the reduction of custodian fee credits earned on the
Fund's net cash on deposit with the custodian bank, where applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the six months ended March 31, 2010.
See accompanying notes to financial statements.
Nuveen Investments 69
Reinvest Automatically
Easily and Conveniently
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price
70 Nuveen Investments
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Nuveen Investments 71
Glossary of Terms
Used in this Report
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time
period. It expresses the return that would have been necessary each year
to equal the investment's actual cumulative performance (including change
in NAV or market price and reinvested dividends and capital gains
distributions, if any) over the time period being considered.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate
(sometimes referred to as an "inverse floater") to an investor (such as a
Fund) interested in gaining investment exposure to a long-term municipal
bond. The income received by the holder of the inverse floater varies
inversely with the short-term rate paid to the floating rate certificates'
holders, and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying
bond on a leveraged basis.
o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
over which a bond's principal and interest will be paid, and consequently
is a measure of the sensitivity of a bond's or bond Fund's value to
changes when market interest rates change. Generally, the longer a bond's
or Fund's duration, the more the price of the bond or Fund will change as
interest rates change. Leverage-adjusted duration takes into account the
leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
72 Nuveen Investments
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting
the liabilities of the Fund (including any Preferred Shares issued in
order to leverage the Fund) from its total assets and then dividing the
remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or
refinancings, is a procedure used by state and local governments to
refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury
securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally
raises a bond's credit rating and thus its value.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
Nuveen Investments 73
Notes
74 Nuveen Investments
Notes
Nuveen Investments 75
Notes
76 Nuveen Investments
Other Useful Information
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
("NYSE") the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common and/or
auction rate preferred stock in the future at such times and in such amounts as
is deemed advisable. During the period covered by this report, the Funds
repurchased and/or redeemed shares of their common and/or auction rate preferred
stock as shown in the accompanying table.
COMMON SHARES PREFERRED SHARES
FUND REPURCHASED REDEEMED
NNY -- N/A
NYV -- N/A
NNP -- 3,506
NAN -- 1,180
NXK -- --
N/A - Fund is not authorized to issue auction rate preferred shares.
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Company
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Nuveen Investments 77
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions through continued
adherence to proven, longterm investing principles. Today, we offer a range of
high quality equity and fixed-income solutions designed to be integral
components of a well-diversified core portfolio.
FOCUSED ON MEETING INVESTOR NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. We market our growing
range of specialized investment solutions under the high-quality brands of
HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital.
In total, Nuveen Investments managed approximately $150 billion of assets on
March 31, 2010.
FIND OUT HOW WE CAN HELP YOU.
To learn more about how the products and services of Nuveen Investments may be
able to help you meet your financial goals, talk to your financial advisor, or
call us at (800) 257-8787. Please read the information provided carefully before
you invest.
Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where
applicable, be sure to obtain a prospectus, which contains this and other
relevant information. To obtain a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0310D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Directors or Trustees
implemented after the registrant last provided disclosure in response to
this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: June 7, 2010
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 7, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 7, 2010
-------------------------------------------------------------------